New to BP, w/ 4 SFH rentals, interested in LLCs and 1031

[Aaron Dermon]

Greetings all,

My wife and I have four rentals in four different states and after I cam across a BP podcast last month, we have been considering our options to finally get serious about our investments. However, we need some advice. First I'll spell out our current situation: Wife has one rental in KS w/ over 40% equity in her name, I own one in FL that is paid off, and we have two together (NY and SC, both VA loans). We do have an umbrella policy in the meantime.

We are interested in doing a parent (WY) LLC, and setting up child LLCs. We are also interested in doing a 1031 on her property in KS. First, can/should we set up the parent with both our names? Next, if I transfer by FL property into a child LLC, can it be a disregarded LLC that is owned by the parent if both our names are on the parent? Or would we each need our own parent LLC? Next, can we do the same for the KS property before or during a 1031?

Thanks in advance for any help.