I spent $1800 yesterday at my Attorneys, ask me a question!
So I am taking a small break from buying right now. I have closed on 14 homes and 5 refi's since Jan 2012 and I want to reevaluate, and check everything, I have a great business attorney who has been helping me with the details. I have a multi member LLC that owns single member LLC's, which hold the properties. The MM LLC is the banking, credit lines, property mgr etc. So that is the set up I have learned to use. The challenging part of this for me is that along the way I have 6 rentals in my personal name, with real bank mortgages. My CPA and others are always yelling at me to put them in a land trust( good in only 9 states) and I have been scared/apprehensive of the due on sale clause. I learned yesterday, here in Florida that I can transfer those deeds to a land trust where my person is the beneficiary, not the LLC, attorney is the Trustee, and then the bank by law cannot call the note. Then my LLC will buy the beneficial interest in the Trust! So, that is how you take a house with a bank mortgage and get it to your LLC, if you are in some states.
Also, I carry 500k auto ins bodily injury, uninsured motorist, and a 2 million dollar umbrella for the homes in my name. If LLC owns it, then I have a 2million General Liability policy.