LLC Structures for 100 properties
I'm curious on how people with over 100 properties structure their entities. I currently have 34 properties (52 units) and have them split out over 3 different single member LLC's. Do other owners continue to create ever more LLC entities as they grow larger and larger? It seems to me that 5 maybe sufficient enough as if you end up losing an entire LLC to a lawsuit you would only be losing 20% of your portfolio, whether that be 2 properties or 200 properties.
Once someone has 5 or 6 entities, do you create a holding company to which you would reference as the main business name? I struggle on what to tell people the name of my company is as I technically now have 3 LLCs that buy properties. I'm planning to buy 30+ properties a year and trying to sort out the structure now before it's too far down the road. I've had lawyers tell me to create an LLC for each property I own . . . this is insane as each would need their own documents, filing fee's, checking accounts, insurance policies, etc.
Just looking for real world advice from people who may already be there.