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I am an amatuer at this, we only have 4 rental properties, but we have 3 under one LLC , and one , and the next two properties will go on another LLC, our legal advisor explained that this is the best way to protect yourself . If you have a major loss on one property, you cannot lose the whole basket. I actually think an LLC may be wise for even only one property, If you were to have a fire/death, major injury on your property , this could help you sheild your personal assets. Just my 02 cents. I think an hour with your attorney would be very wise, and as mentioned above, Background check , background check, background check. for potential tenants. I NEVER rent to anyone without talking with their last landlord.
Good luck , you're in for some intersting times ahead, but can be worthwile , if mangaged properly .
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No left turn un stoned
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