Posted by Jason-DTX on November 01, 1998 at 16:14:12:
If you are doing a L/O then the seller should still have insurance on the property. You could have your corp added to the policy as a loss payee. You shouldn’t have to get an additional policy. It depends on what type of insurance the seller has on the property. If its only a “fire and extended” policy then you should tell your tenant buyer to get a renter’s policy. On a L/O you aren’t on the deed and shouldn’t have to worry about liability. Also if your corp is set up right and you deal in a corporate way you won’t have any personal liability. You should take a course on corporations so that you act accordingly when working for your corp. Bronchick has a good course available on this site.
Jason