Even though the state of Texas enacted legislation creating the series llc back in 2009, few people are using it.  I am interested in your feedback.  Have you heard of this?  How are you using them?  

If you are new to the concept, a series LLC allows you to form one entity, pay one filing fee but create an unlimited number of sub-entities that are fully separate for liability purposes. For investors who own more one property, the creation of a Texas series LLC replaces the need to form separate LLC's. You also convert a traditional or regular LLC to a "Master Series". Once the Master is created, either by forming one or converting a traditional LLC, you can then begin to create individual series:

What do you gain? The filing fee for an LLC in Texas is $300, each time. A separate LLC also needs a tax id number, an operating agreement and an account with the state comptroller. Since each series is "rolled up" into the master at the end of the year, the filing burden is significantly reduced. If the LLC is owned by an individual or married couple, the IRS considers it a disregarded entity - meaning there are no federal filing requirements. Creating and running a series LLC can get tricky so seek out expert advice. I have formed dozens of these for investors, builders, contractors and business owners. The entire process takes three business days.

One side note:   If you have property already under contract, you can close in the name of the new series.  Series take 24 hours to establish once the master is in place.  Otherwise, you can always transfer ownership later.