Legal Question in Real Estate Law in Utah

Question
First of all let me thank you for your site. I have found this to be extremely helpful to me. I will be buying my first investment property a duplex on the 30th with my wife. I wanted to know what the best way to hold the property would be. I have been told we should open an llc to do so and hold it as an LLC. What would your recomendations be? We currently own our home with a mortgage and will have a mortgage on this duplex. Should we do anything to protect our home? Also I am not sure if you know with regards to insurance on a duplex What types of coverage should I have to insure I am covered for a worst case scenario? I was told to have a 300k Umbrella Policy Oh and the duplex we are buying is 240k I'm not sure if the amount of the assest might determine what's best?

Thanks

Asked on 10/07/07, 2:41 am

Alvin Lundgren Alvin R. Lundgren, L.C.

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Re: Question

You would be wise to hold the property in a properly formed LLC. Your home should be in a trust.

You may call for a free consultation.

Answered on 10/07/07, 8:14 pm

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