Separate LLC for each property?

[Brian Garrett]

I often hear investors say they have each of their rental properties under it's own LLC.

Does that mean the people who have hundreds of rental units also have hundreds of LLC's?

Or is there a better structure that is typically used once you scale to a certain point?

Do you suggest putting each individual rental in a separate LLC or having multiple properties under one?

Lastly what about flips?  Due to the capital gains I know it's more tax advantageous to elect the S-Corp tax structure.

I'm assuming you wouldn't want to have a flip under the same LLC as a rental since they should be taxed differently.

Should I set up one LLC (elected to be taxed as an S-Corp) strictly for my flips and separate LLC's for each rental?

I'd like to keep things streamlined and simple so I'm trying to figure out the best approach here.