Multiple LLCs
I have heard that it is a good idea to have each property in a separate LLC for insurance purposes. Any thoughts on this?
Also, is there a lender who will lend directly to the LLC with my asset verification to avoid the cost of a quit clam?
And what is your income tax question???
Perhaps the first question is better addressed in the Legal Forum. Try the Commercial Forum for your second question.
The reason people put each property in a different LLC is because of liability, not because of insurance. If you have 10 properties in an LLC and one of those properties has a lawsuit against it - you are going to have all your properties tied up in that lawsuit. If you have 10 different LLC's - you will only tie up that one property that is having the lawsuit.
Good Luck!
[addsig]
Matt is correct. You can also go with a trust for each individual property to keep your personal details of ownership off record.