My partner wants an LLC for our first property.
Good afternoon I am a new investor looking into purchasing my first deal in south Texas. My partner and I just made an offer on a 4-plex. My partner wants to do the deal under an LLC and seems a bit worried about getting sued and the tenant going after our personal assets.
I do understand where he is coming from but I am finding out pretty quick that no bank will finance what is considered a residential home under an LLC.
Is there a way to protect our personal assets without having to invest through an LLC. Is there an insurance that we can purchase that will protect our assets.
Thanks for the help