LLC within existing Family LP?

[Mike Clark]

First, let me introduce myself. I was a mortgage loan officer for several years, then moved in auto finance. I was laid off about a year ago, and work in accounting at our Family business, a commercial Heat Treating shop( service company for oilfield parts).

For estate planning, we started a family LP about a year ago. The money in that Lp is funding the rent houses we are getting into. My old boss, and the two other investors I know, use disregarded llc's for their property(they dont have similar LP's, just use the llc's as pass throughs to their personal return).

Should we buy the homes in the LP name and leave it at that, or start a llc within the lp to hold the homes?

I assume an addtl llc would help protect the other assets within the LP, which are substantial.