I know I have read to never own property in your name, but assuming you do, what is the best way to hold rental property to assume the least risk? Thanks in advance for your feedback.
You have already established your risk by holding rental property in your own name.
You mitigate that risk by keeping your property well maintained, and conduct your rental business fairly and ethically. Carry lots of liability insurance.
Let me clarify- when you said you carried a larger policy on your rentals just in case...how would I do that with the insurance being carried is through the HOA?
Secondly, can I form an LLC and move the properties into it? I think I read someone posted on another forum about quitclaiming properties into an LLC after they purchased, can this be done?
Placing your property in an LLC will protect your personal assets, but remember that the property is still partitionable and subject to liens and encumbrances. I first place the property in a land trust, then assign it to my LLC. Armor plated protection.
You have already established your risk by holding rental property in your own name.
You mitigate that risk by keeping your property well maintained, and conduct your rental business fairly and ethically. Carry lots of liability insurance.
what if the properties are in a condominium where the insurance is carried through the association?
Let me clarify- when you said you carried a larger policy on your rentals just in case...how would I do that with the insurance being carried is through the HOA?
Secondly, can I form an LLC and move the properties into it? I think I read someone posted on another forum about quitclaiming properties into an LLC after they purchased, can this be done?
Placing your property in an LLC will protect your personal assets, but remember that the property is still partitionable and subject to liens and encumbrances. I first place the property in a land trust, then assign it to my LLC. Armor plated protection.