Investment Property in Somerser NJ (home owners insurance, mortgage, townhome)

[dhiren55]

I and my friend are buying a townhome as a investment property in somerset NJ.
Few question:
1. Looking to FORM LLC for protection purpose and limiting liablity? Does it matter with or without LLC?
2. Can we form LLC and apply mortgage on LLC? I heard it will be commercial and and expensive
3. Can We Close first and then attached / transfer mortgage to LLC after closing?
4. If we dont form a LLC, what is the best way to protect? Can we add investment property on our Umbrella policy?
If yes, How can I add this investment property on my umbrella which I own only 50%?
if not, then what is the best way to protect any law suit or any big claims which are not covered by regular home owners insurance?
5. What are the suggestion on what kind of aggrement I should have with my friend (partner)? can some one share aggrement / contract if they have?

Thanks
DP

[davenj08]

All good questions but you need to ask them to your lawyer. Do you want to make an investment and legal decisions on the advise of total strangers?

[Retriever]

Originally Posted by davenj08

All good questions but you need to ask them to your lawyer. Do you want to make an investment and legal decisions on the advise of total strangers?

And, I might add...strangers who may have little or no legal expertise, and who may have unknown agendas.

If the OP got into legal trouble as a result of advice from this forum, would his defense be something along the lines of...
But, your honor, I was acting on advice of counsel...whose name(s) I do not know...and who has/have no legal credentials of which I am aware...?

[PDD]

I think the two above advise is about the best you will get and the most honest.