You could set up an LLC, but that has also downsides and if you can't proof in court its an actual company it may not hold up - lawyers call that "piercing the veil".

(Please note, this assumes my LLC is set up correctly and I have not “pierced the veil between my LLC and my personal assets). 

Look forward to hearing from you.Cheers,Greg Pierce, MBA

With the property in an LLC, if someone were to sue the property, they could only go after the assets in the LLC and not anything else (again, assuming you did not guarantee anything personally and the corporate veil has not been pierced).

If a claim exceeds the underlying policy limits and the LLC's assets, the plaintiff might still try to "pierce the corporate veil" (though this is difficult) or look for other avenues if the LLC is not properly maintained.Different Types of Liability: As we discussed, standard liability insurance (and the umbrella extending it) primarily covers bodily injury and property damage.

King, Snohomish, and Pierce Counties all have an additional local 0.5% transfer tax.

With the property in an LLC, if someone were to sue the property, they could only go after the assets in the LLC and not anything else (again, assuming you did not guarantee anything personally and the corporate veil has not been pierced).

It's called "piercing the veil".On a recent episode of the BP podcast their guest thought that having an LLC can invite law suites because folks will assume an LLC has money compared to a mom and pop operation.Often we see the LLC debate be another barrier to entry for investing.

Quote from @Diandre Pierce: I have an uncle that has owned 6 trailer parks (over 100 trailers) for 16 years.

With the property in an LLC if someone were to sue the property they could only go after the assets in the LLC and not anything else (again assuming you did not guarantee anything personally and the corporate veil has not been pierced).