Advantages / Disadvantages of holding a property in an LLC

[John Trout]

I was once told an interesting "trick" by a seasoned RE Investor. He said if you could find an investment property (say a SFH rental property) that was owned by an LLC, that you could save lots of money on the purchase of the property by simply "Buying the LLC" instead of the property.

I was wondering if anyone hear has ever done this and what other advantages / disadvantages there would be in purchasing a property by purchasing the LLC?