Do you use a separate LLC for each investment property?

[Joseph M.]

Do you use one LLC for all of your investment properties or one for each property? If not an LLC, which entity do you use and why? Doesn't the added cost of maintaining an LLC substantially eat into profit, especially when you are talking about rentals with $150-500/month in profit?

I have two rental properties with personal loans in my name and I am considering picking up a 3 family in my name with a commercial loan. I know I could create an LLC for the commercial loan property, but what are your options if any with the investment properties that are financed with personal loans in your name? My banks are saying that I can't assign these loans to an LLC.