Legal protection when house hacking
Hello everyone,
I new to the forums at BP but have been following the website, listening to podcasts, and generally freeloading on the community for some time now. I have been looking at making my first real estate investment purchase for a while now but have not moved forward because at the same time my wife and I are looking to move and considering a number of different locations.
We are getting pretty serious about a property in the mountains where we would like to live for a personal residence but plan to do a version of some house hacking in it. This is in a mountain resort community with very good vacation rental opportunities and the property has a main house and a guest house. We plan to house hack and rent the guest house as a full time vacation rental. We also like to travel and plan to rent out the main house during peak demand times and do some travelling in a camper.
My question is related to how to set up some legal protection. We will be purchasing the property with a personal loan and therefore I believe the house will need to be in our name and would not be able to be in an LLC's name. If that is the case what is the best way to set up legal protection?
Thanks,
Matt