Asset Protection NY
As a first real estate investment, I'm seeking to purchase a single family home near the beach as a second/vaction home. I'm anticipating needing rental income from the property in the future in order to offset carrying costs. Property is expected to appreciate around 10-15% a year. Expectation is to flip in 5 years. Average rentals will likely result in a small loss per month. I could use the mortgage deduction, but would consider putting into investment property mode full time. As far as the bank is concerned, it's a second home. If and when I decide to rent it, how can I best protect my personal assets from tenant liability? Does the bank need to know? Will an insurance change tip off the bank?
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