Im asking because im trying to decide if to hold the note in an LLC (for liability protection) or if to just hold it personally. 

We have the deed so we do not need a mortgage  what would be my protection or benefit from allowing a hard money lender to take “first position” on a home I paid cash for and have sunk my whole saving into for a mere $25,000?  

Liability protection or something else?

The only exception I can think of to this rule would be if one of the parties were to obtain an order of protection, or whatever you call it in your state.

That way if the contractor or HUD inspector finds a budget breaking item we have some protection or recourse to renegotiate.

I do not know if doing this adds more protection or not.

Does qualifying In CA lose my anonymity and protection?

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Please read them, with one caveat: ignore legal opinions of anybody except actual attorneys.A major part of the discussions was whether you would need one or multiple LLCs for proper legal protection, or maybe even an out-of-state Series LLC.

The whole point is to have yourself protected and if it's not done correctly, it will not provide any protection or benefits.