This is one of the fastest ways to inherit someone else’s liability.

Keep posting pls I want to hear how this comes out for you.Charlotte, totally get what you mean, this stuff gets messy fast once you have flips, rentals, and different states in the mix.Quick tax note though: the S Corp isn’t really about hitting $50K total… it’s about having around $50K net profit from active income like flips.

If you keep the property, you can still deduct the vacancy, eviction costs, and rehab, but you’re also footing the bill.

We have access to a couple good liability carriers if you'd like me to take a look. 

With a DSCR, we're only cash flowing the subject property...and you keep it in the LLC's name.

Quote from @Caleb Thompson: I know versions of this question have been answered, but as a new investor, is it most conducive to keep my first rental property in my own name and look into an umbrella excess policy (1-2 mil limits)?

I’d recommend using a combination of Asana and QuickBooks.Asana (or a similar project/task manager) is great for keeping track of to-dos, setting reminders for things like utility account setups, tracking who you spoke with, and following up on tasks.

Having a detailed, written Scope of Work keeps everyone on the same page.

Hi All,I am looking a way to keep track of details of my property like notes, upgrades to the property, and other details about each property.

The steps required to reduce liability for someone flipping houses in Arizona will look very different from the steps needed for someone who owns rental properties in New England.