To LLC, or not to LLC? That is the question...

[Brian Bandas]

Please forgive the cheesy title. I couldn't help myself.

I have a number of questions about forming and using an LLC. Right now I own 3 cash-flowing rentals, I am 10 days away from closing on a flip as well and have begun marketing for deals in an effort to ramp up my portfolio as rapidly as possible.

I guess the question, despite the title, isn't whether or not to LLC--it seems inevitable--but HOW and WHEN and what are the implications?

1. Do you recommend forming an LLC through an attorney versus using one of the many online legal platforms?

2. How will my lender respond if I quit claim my current homes into the LLC?

3. How do you get financing for an LLC versus an individual? I can get really good financing right now as myself--what changes if I begin to attempt to do business as an LLC instead?

4. Which strategy is preferred? One LLC for all rentals? Or one LLC per property? (My properties are all buy and hold long-term, so that could affect the answer to this question, as the cost to form an LLC will likely be spread out over many years.)

5. What am I missing?

Thanks for sharing your experience and non-legal advice with me!