I personally would not hold real estate investments as a person. For me, they need to be in an entity of some type, and that will be based on what your plans are for your real estate portfolio. I would talk to an Attorney that specializes in this area. I can refer you to mine that is here in Las Vegas if you need a referral. Shoot me an email if you do.
Good post it sounds like you definitely need to "get organized" as well as setup protection for your hard earned investments.
You need a good Estate Attorney. If you need one let me know.
I am not an attorney and I recommend you speak to one. This is not legal advice but my opinion. I would setup a LLC for your rentals. The bank account should be under that LLC name. If you run all of the income and expenses for your rental properties out of that one LLC account it will make your accounting and tracking much simpler than having it commingled with your personal income and expenses. I would put the LLC and my primary property in my trust. I would not put my primary proeprty in the same LLC as the rentals.
In regard to the insurance policies for the condos, you will want to check exactly what is covered by the HOA's insurance policy. From there you decide if further coverage is needed. Typically the Hazard Insurance the HOA supplies only covers the exterior not the interior. You can then decide if you want coverage for the interior. You can also require your tenants to have insurance as long as it is spelled out in the lease. I have an awesome insurance agent if you would like her contact info as well.
Long story short you need to talk to a good estate attorney and a good insurance agent ASAP.
I hope this is helpful. Please feel to reach out if I can be of any further assistance.
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