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...If we ever buy more rental property, we're going to have to take a good hard look at landlord's liability insurance and LLCs. ...
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LLC's are cheap, and easy to set up. In Colorado, the DIY fee is $50 to the state, and $0.99 renewal per year. It does vary by state, and if multiple state become involved, a legal opinion on where to file may be warented. I got a book from the library to read about them - It was a NOLO series or one like that. Our rental property is in one.
Also, single owner and husband/wife LLC's can be set up to be disregarded entities for tax purposes, so the taxes don't have to get more complex.
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