Do I have problems with LLC and taxes?

[Sam LLoyd]

Ok, so here's what I want to do, so you guys can tell me why it's a bad idea.

I plan to have my LLC sign a master lease with the owner of the property. The lease will be 90% of the net income less expenses. This will do two things for me. It will allow me to separate my personal finances (when it's my own property) from the business finances better, as well as not causing any questions with the banks about who owns what when I'm applying for new loans and such. It will also allow me to manage properties for other people through my LLC which will have an interest in the property, and thus will be allowed to manage it without being a real estate brokerage.

So... What am I missing. I know I'll loose the liability protection aspect of the LLC since the property will still be owned in my own name, but right now I'm more worried about doing things legally and in such a way that I'll pay the least taxes.

Thanks for any advice