I'm not a lawyer, nor CPA, so take all with proper dose of own due diligence:
@Patricia Smith: The number of properties per LLC should be based on a number of different factors: equity, number of units, cash flow, location of real estate, and tenants. For example, you might own 4 properties with a sum total of 50k in equity but one of the properties generates $900 per month positive cash flow. In this situation it would be structured so the cash cow property is held separate from the other 3 rentals despite the low overall equity. Or you might have a 4-plex in a C- area, I would keep it separate from my SFR in B+ area. In other words each person/situation is a case by case scenario. It also depends on the structure you want/can put in place and the associated costs, the equity amount you want to protect (50K might be high for me, but you might not blink till higher than 500K), your risk tolerance, all subjective measures.
I don't know why Clayton or @Scott Smith might made that recommendation - could very simple be because where Clayton Morris invest the Series-LLC is not an option.
As for the attorney-CPA podcast, while a good idea if possible, I don't know if it would help you much, because there is simple too much information to cover in a 1hr podcast, with too many ramifications in all kinds of adjacent domains (formation and maintenance of LLC and business structures, transferring assets, protection strategies, trusts, anonymity, insurance, levels of risk and protection, due on sale clause, selecting an attorney, fees, checklists, etc.), and subjective to individual situations and scenarios. In other words, I doubt you'll find an attorney, or a CPA, never mind a attorney-CPA team that will agree on things and speak in specifics, and not in generalities.
But I understand how you are thinking as I been there, and that's why I put together those notes I sent you. I guess, what I'm trying to say is, you have to spend the time and educate yourself in matters of taxation and asset protection. The answers you'll get from the lawyer and/or CPA will be as good as your questions and how you formulate them. The CPA or lawyer that will handhold you in every step and know your situation and goals better than you are rare unicorns (or very expensive ones). If you find such unicorn (especially CPA), let me know, cause I been searching for a long time.
Plus, this is mostly an asset protection attorney matter, or 90% attorney - 10% CPA. Why? Because from tax perspective, you pretty much only have the option for LLC - you shouldn't hold properties in a S- or C- corp (just google "real estate in C corp or S corp" or "holding real estate in a S corporation") unless you are an active investor (flipping), paying salary to yourself, or doing property management, in which case anyway, you should do it in a separate entity from the holding assets entity. And with LLC, for most new/small investors, it would be treated as a disregarded entity, and passed through to your tax return, so there would not be much more in terms of taxation from what you are doing when holding in your own name.
Correction: with an LLC, you'll have to maintain the LLC - more strict bookkeeping, no commingling with personal finances, file (and maybe pay) annual state franchise fee/tax, maybe maintain law office or pay for registered agent, etc. So, there will be some extra costs associated with the LLC, but not much change in terms of taxation.
Again, I'm not a lawyer, nor CPA, so take it all with proper dose of own due diligence.
"Ignorance is bliss. Knowledge is power, but also a burden. The cure for both: action, progress, not perfection."
