Asset Protection NY
As a first real estate investment, I'm seeking to purchase a single family home near the beach as a second/vaction home. I'm anticipating needing rental income from the property in the future in order to offset carrying costs. Property is expected to appreciate around 10-15% a year. Expectation is to flip in 5 years. Average rentals will likely result in a small loss per month. I could use the mortgage deduction, but would consider putting into investment property mode full time. As far as the bank is concerned, it's a second home. If and when I decide to rent it, how can I best protect my personal assets from tenant liability? Does the bank need to know? Will an insurance change tip off the bank?
This isn't a legal question and you'd do well to post on, and read some of the posts on "SubTo" forum, as lots of questions have been asked and answered along these lines.
Thanks. I thought it was legal in that it asked mostly about liability protection. I have moved to the beginners forum.