Bought first multifamily. Should I make a LLC?

[Mark Bascetta]

I just bought a 3 family house in Central Ct with Fha as my first property. My father is my partner and wants to do a LLC to protect his personal house. I do plan on acquiring multiple properties in the future. Ive seen some investors make a property management llc...why? What are the benefits or drawbacks of all this? Should I make a llc?

[Michael Noto]

Is the loan in your name as an owner occupant? Check with your lender if their is any ramifications to transferring ownership to a LLC.