LLC in Colorado where I live or MO where the properties are located.
there’s not tons of equity yet but isn’t an llc easier than an umbrella? So do I need to find an llc company in that state too or can a local CO agent do it for me.
If you already have an umbrella policy, just call your insurance provider and add each property to your umbrella. Each property should add a few bucks per month to your umbrella cost. Just make sure you are comfortable with the coverage amount.
Go to the MO website, fill out the appropriate forms to register your LLC, pick a local registered agent, and pay the fee. And, keep it up every year. If you have a Colorado LLC, you can register it in MO, or, you can create a new LLC in MO.
Umbrella insurance is really easy, only a phone call to your insurance company. LLCs are easy, but slightly more complicated to do and to keep up. You just need to pick what you are comfortable with.