Land Trust/ Partnership LLC/ Real Estate Attorney
Me and my father now own 5 residential rental properties in CA and looking to protect ourselves from future potential problems. We are looking for full assets protection on our properties to protect from predators IRS or anything else that might come our way. I have been looking into this for sometime now on this site along with many others
My goal is to form a partnership LLC with my father, Form a land trust, then have the LLC become the beneficiaries of the land trust.
I wanted to do this myself without all the crazy cost that lawyers charge. I can file and LLC with the state along with articles of incorporation and a operating agreement, both of which I have found on the internet that are simple and geared towards real estate investors. But I am worried that it may not cover me completely if something goes array. "they" might find something not done correctly in the operating agreement and make all this hard work useless. Or running into tax issues down the road
Should I hire an attorney, if so who? I am in the Bay Area and would much appreciate some help or direction. Some of these real estate attorneys don't even know what I am talking about. Should I do myself, if so can you guys help me out with possible review of operating agreement/ land trust agreement. or suggest any other options I may have.
I also heard that proper insurance would take care of all my concerns.
Thoughts?
Thank you BP