I am about to purchase my second duplex and am wondering if I need an LLC for every house I am going to buy. Talked to an Attorney and he said I need a holding company which will oversee the other sub LLC's. He also recommended having one holding company that owns all the houses and have a large umbrella insurance policy instead of sub LLC'S. The con of multiple LLC's is the yearly fee for each of them. Should I be thinking about this as which costs more annually (I hope to have 10 rentals some day) or which one do you recommend? Final question, I am paying $280/hr for this Attorney, is this reasonable?
I am not an attorney, and you will get different opinions on this, but generally speaking, the more assets you have, the more protection you need. Usually setting up an LLC per property is considered an overkill, especially if each property isn't worth that much. Multiple LLCs mean different bank accounts, credit/debit cards, checks and such. A lot of people put a few properties in one LLC.