I know sometime certain tenants are looking to make a quick buck, how else can I protect myself from liability beside putting the property in an LLC?
That won’t work. It’s goint to take a lot more than putting the property into an LLC.
However, that is NOT to say, “Don’t bother with an LLC.”
It certainly has its place in an asset protection PLAN, but it is not a silver bullet solution to everything.
I would get a lot of insurance, and check on the “workman’s comp” angle since a general liablity policy won’t help you there.
Have a surveillance system that tapes everything, which is how casino’s protect themelves from cheaters and scammers.
Gerenally, I have tenants carry renter’s insurance, but I don’t know how that’ll go over with “section 8” folks.