Multi family deals

[Chris Coleman]

Hello everyone, my partner and I own 4 buildings comprised of 22 units in the Chicagoland area free and clear. they are fully rented. We also fix and flip single-family homes in higher income sections of chicago. We have one corporation that owns all four buildings and individual insurance policies against each property as well as a corporate $2 million umbrella. I know most people on this form suggest that each property should be recorded under a separate LLC. I'm concerned that an attorney will charge me and arm and a leg to prepare deeds etc. Was it a poor decision to purchase all of these units with cash instead of bank financing? The good news is we don't need the money used to purchase these properties for our day today real estate business because we have other cheap private money lenders , friends and family. So what is the downside to own property free and clear with no mortgage? Can someone also explain the difference to me between having an increased insurance umbrella versus separate individual insurance policies against multi family homes? When you investors, sell your rehabbed homes, have you ever just said "no" to the buyers private inspection report? If so did that result in a dead deal? Thanks and happy new year.