LLC"s and removing property from LLC
I have several rental properties that are in an LLC. It is my understanding that the purpose of the LLC is to protect the owner from liability issues and that in order to do that each property should be in it's own LLC.
This is both expensive and complex as it requires separate checking accounts and tax returns for each property. In addition there are insurance issues as these are considered business's and I have found that I need to carry a separate Liability policy on each property.
My thinking is that it might be simpler to remove the properties from the LLC and carry one large umbrella policy for liability. Any guidance on this would be greatly appreciated.