LLC?
I need some education. We just closed on a flip, and during the rehab process I discovered the title company had not funded the insurance. Had a liability lawsuit occured I'm under the impression our personal property, other investments etc would have been in jeopardy. What is a LLC, is it a form of incorporating and will it protect our assets? We're a ma & pa team, does it require a third person? Should I get this done prior to our next purchase or am I just "flipping out" a little? Specific AZ info especially helpful. :-?
[addsig]
LLC's offer protection of your personal assets. Consult a good CPA that is familiar with REI. He will help point you in the right direction into which you'll need. I buy all my properties in my LLC.