LLC? Landlord Insurance? Umbrella Insurance Policy?
So, I am here looking for your views on no Entity (LLC) for the first couple deals (buy and hold). Is Landlord Insurance the same as these umbrella insurance policies I keep hearing about? I only ask because I fear when we go to refinance on a job, it may be hard with a new LLC (Again, so I hear). Plus we (My wife and I) may not really need that kind of protection without that much equity in our properties just yet. Feel free to tell me to shut up and go figure this out on my own, but figured it can't hurt to ask! I have read through quite a few relevant threads but couldn't seem to find much. I went and visited an RE Lawyer last night, and well just in my small couple days of research on LLC's he didn't seem to know much more than I did. I guess from a tax perspective, will it really matter until I get 4-5 properties under my belt? I can understand then setting up an LLC to start protecting the equity in the properties. I feel like I want to make sure I am not missing anything but to my understanding, insurance policies (landlord or umbrella?) would do until LLC's are formed? I do understand if I flip any properties, forming an LLC for that would be in my best interest especially if partnering. This question is more so for the rental properties side of things.
Would a manager-managed LLC for anonymity in say NV/WY be worth the trouble and the charging order? Thinking down the road if I were to have 20+ properties, this could be an important decision now to not have my name really linked to anything? Then have the 2 LLCs (flip, rental) here in MD where I live, member-managed by that LLC in NV/WY? Then any future LLCs for rental properties, as we grow within the same structure? Is my thinking right on that? Is it worth it? Or should we just put them in our own name here in MD and not worry about it!?
Can a lawyer create the LLC and then appoint us as members, so when we are managing properties and direct them to the LLC, they will see his name, and not ours to allow them to think we just work for the company and are not the owners? Am I being paranoid?
Help!? haha
Thanks for any help/advice in advance!