LLC or Insurance or both for rental property ?
Hello, I’m looking into my first rental property. I’m not sure how many units it’ll be, but I’m not house hacking as I have my own house. I have a handful of questions:
1. How is the most effective and economical way to setup an LLC?
2. Can I setup an LLC after I find a property (I’m trying to avoid setting it up until I know I will buy a property for sure, but I want it done before I close).
3. Do I also need umbrella insurance? If so, how do I know how much I need?
4. Are there any particulars that I need to look for when determining what insurance carrier I go with? Any exclusions to watch out for?
5. What insurance limits will I need? How do i determine this?
6. Are separate LLC’s needed for each property, assuming more are purchased in the future?
7. Is an attorney needed at this stage in the game?
8. How difficult is it to get financing if an LLC is setup?
Thanks for the help!