The LLC vs. LP(or LLLP)? For holding title?

[Dan R.]

I am going to be purchasing a few properties come January first so I set up a LLLP with me as the GP, my trust as the Limited(taxes directly pass through to me), and my children's trust as the limited. I had originally planned on using the LLLP to own single member LLC's for each of the properties(for the single family houses I would put multiple houses in each one). Now I am beginning to worry about the "parent company" liability.

Now I am thinking to better protect the "parent company" I use LLLPs to hold title to each property.

FIrst Plan:
Smith Holdings LLLP
Owns:
1. One Main Street LLC
2. One South Street LLC
3. One North Street LLC,
etc.

Second Plan:
Smith Holdings LLLP would act as the limited partner in the LLLPs that would own the properties. I would then create a separate management LLC to act as general partner of the "subsidiaries."

Smith Holdings LLLP
Limited Partner of:
1. One Main Street LLLP (General Partner Smith Management LLC)
2. One South Street LLLP (General Partner Smith Management LLC)
3. One North Street LLLP (General Partner Smith Management LLC),
etc.

Or am I just crazy worrying about something that will not probably happen? I live in GA by the way.