On all the house hacks I've done that are in my personal name I just get an umbrella insurance policy and make sure those properties are included on it.

They managed to finish an the tenant is in place.  

A well-designed asset protection strategy limits liability, preserves wealth, and strengthens your defenses if challenges arise.To navigate these areas with confidence, build a team that includes a tax professional experienced in real estate and an asset protection attorney aligned with your long-term goals.

I'm in the SF Bay area as well looking at Tahoe (and a few other places including out of State), just staring but looking at a mix of LTR and STR investments within the next 1 yr.  

The numbers leave a clear margin, and I’ve already broken them down line by line including fees, interest, and commissions.I take your point about sponsor experience — my focus is on running the project efficiently, hitting the 2–3 month timeline, and being fully transparent with investors.

My thoughts exactly which is why we hesitate buy properties with finished basements unless it was done professionally or has potential do to so.

Do not include a lawn mower, weed whaker, or kayak. 

Make sure you know the impact that adding an ADU will have on any rent control.12) investors seldom include the land value in the overall ADU costs.

I'd love to hear your thoughts on funding it out of pocket versus pursuing financing, including the types of financing options available for a fourplex.

Real estate and other investments come with inherent risks, including potential legal claims and creditor issues.