Asset Structuring for Buy and Hold Investor

[John C.]

Hello BP! I am currently a buy and hold investor and am looking to structure my assets in the most beneficial way possible. I know its a common question asked, but with a multitude of answers.  Would love some feedback.

A little background about me, I currently have a few investment properties that are either in my name, my wife's name, or both our names. I already have umbrella insurance on my properties for some liability protection and I currently manage each of these properties on my own. I was looking to set up an LLC for each property (unfortunately, our state doesn't recognize Series LLCs), but was looking to do them once each on is paid off, primarily because of the bank calling the loan when switched to a LLC. Does this seem like a good idea?

Also, if I do end up creating an LLC for each property, would I also have to set up a separate LLC for general business expenses? For instance, if I travel to a location to view new potential properties or take a course on real estate investing, how would I expense such items? Is a separate LLC the best idea for this? It seems as though creating all these separate LLCs, would create a lot of paperwork.

Anyhow, I am planning to meet with a lawyer to discuss in greater detail, but would love some background extra background before then. Thanks in advance!