What are the benefits of an LLC? Separating business and personal accounts?

[Justin Fortunato]

Currently I own three single-family houses. Two of them are rentals that I plan on keeping long-term and the third is a fix and flip I plan on selling in the next couple of months. I have an LLC that I started about three years ago but have never moved the houses into it. I was told that it is a smart idea but never completely understood why. I know it has something to do with better protection but have never seen a real value of that.

On the same level, I use one bank account for my personal and real estate needs. Does it make sense to have separate accounts? Do I use a different bank for my real estate business?

I also heard that it makes it easier for financing if you separate yourself from the houses and put them into an LLC, is there any truth to that? I plan on continuing to grow my real estate with the profit off the fix and flip.

Thanks, any help on this would be great.