LLC Operating Agreement

[Scott Mclaren]

Does anyone have a good LLC operating agreement for an LLC that holds rental property? I am going to open LLCs and put each property in its own LLC with each LLC having its own bank account. I have some LLCs now and have somewhat generic operating agreements , but as I am retired from my job and have more time , I want to set things up better. "Springing Member" clause would be smething good to have. Does anyone have any other things they would recommend to have in there? Also any good resources on where to get a well written one? Any good stories about how the LLC protection went in a lawsuit would be interesting to hear also. Thanks in advance for any input

[Jack C. Cheng]

@Scott Mclaren I actually went through the same thing as I was growing my rental portfolio. I had properties all in individual LLCs and the paperwork, renewals, and accounting just became overwhelming. Now I batch the properties into LLCs based on risk, value and location. I still have a bunch of LLCs, but it's a manageable amount. As far as the OA, I would strongly recommend investing in a proper, attorney drafted OA. That will save you a lot of headache down the road and offer the proper protection to your assets. Happy to answer any questions or share my experiences if you like.