I attended a local Real Estate Investor training. The trainer stated that he ALWAYS uses a Land Trust/Escrow Company to protect EVERY property of his. He also stated that you would need to get a couple of people to put on the Land Trust Document (as if they were shareholders) so it's not like you actually own personal property, although you do. He said this is the safest way to protect your money and your assets.
He spoke highly of Equity Holding Corporation out of CA, www.equityholding.org and has used them for years.
It's perfect when buying a property out of state, instead of hiring a Property Manager and paying high fees. My REI partner called a property management co in Indiana where we have a property, and asked what their fees are. They said $250 a month whether or not we find the renter. All late fees they keep. It sounded like a rip off to us. We live in Texas so finding out about getting a Land Trust was the answer we were looking for. He was clear not to get a Family Trust since that is for Probate.
$12 (Trustee Fee)
$38 maybe a little more (To collect payment from tenant and distribute the money where it needs to go).
Equity Holding Corp was highly recommended to me by someone who has been using them for years and has been in REI 20 yrs.
I hope this helps.
Together WE can make a difference!