LLC, something else, or nothing....?
So I will be closing on my 4th property shortly. I currently hold a single family, long term rental in the Denver area, another in Moab, a duplex in Moab (I live in half), and will be acquiring a nightly rental in Moab. It has come to my attention that I perhaps I should be considering some sort of legal entity. LLCs seem to be what most people are talking about, but there is so much out there it is overwhelming. There is only one lawyer here in town because we are a small town and she does not specialize in real estate. All the properties are currently in my name, and I think my next closing is too far down the pipeline to change it to an LLC, although I'm not sure. Also, what are the advantages of putting everything in an LLC? Since I live in half the duplex, is that the business or my personal asset? Really most of my personal assets are my real estate investments. Any advice and/or insight would be greatly appreciated!