Is it better to put each rental property in a separate LLC?

Following. I've got 3 in one LLC and my attorney keeps pushIng me to split. The fees add up fast though.

The liability argument is usually oversold unless you've got significant equity. If each property has its own mortgage and modest equity, a single LLC with a good umbrella policy is often fine. The real risk is cross-collateralization if one property has a major claim—that's when separate entities save you.

Oh great, another 'ask the internet instead of your lawyer' thread. What could go wrong?

I have 6 doors in 6 LLCs. Yes the fees suck but I sleep better. My registered agent gives a bulk discount, which helps. It's not just liability—it's also easier to sell one property without unwinding a whole entity.

Most people don't realize that a series LLC might be a middle ground if your state allows it. One parent, multiple series. Cheaper than separate LLCs but still gives segregation. Worth asing your CPA about.

Series LLC sounds great until you try to get a mortgage or move to another state. Lenders hate them.

Exactly.And some states don't recognize series LLCs at all, so your protection could vanish if you get sued in a state that doesn't. Not worth the complexity for a small portfolio IMO.

OP here. The mortgage angle is a real concern—I refinanced last year and the lender wanted everything under one entity. Splitting now would mean new loans at higher rates. So there's a practical cost beyond just filing fees.

Translation: 'I already know what I want to do, just looking for validation.' Classic.

Not necessarily. The mortgage point is legit. But keep in mind that if one property gets hit with a lawsuit, the bank can still come after the others if they're all in one LLC. Umbrella insurance is cheaper than extra entities for most small landlords though.

If you do split, consider putting each in ifs own LLC but using a holding company as the member. That way you only file one tax return (partnership) and keep the liability separation. Still costs more but simpler.