Do I need multiple LLCs?

[Chris Howie]

I have a multi-family in Louisiana and a duplex in Denver. I currently live in one unit of the duplex and and Airbnb the other. I don't have an LLC for either. I'm also about to start an Airbnb arbitrage business with a buddy in Houston (where we will be doing business as well). I am not sure what to do in terms of setting up an LLC. Do I need separate ones? Not sure how this works.