Starting to put properties into LLCs, How to manage finances?

[Scott K.]

Hey folks,

I own 4 long term rental properties in my name. 2 STR's in my name, and 1 additional one we are purchasing in an LLC.

I've read that series LLCs are awesome, but don't exist in PA yet so that's not an option. So for the meantime I'd like to form an LLC for each property separately, transfer the mortgages to those LLCs, and then manage finances properly so they hold up in the court of law.

1. Is it proper to put each property into a separate LLC?

2. How hard is it to transfer a mortgage from a personal name into an LLC with the same owners?

3. What do I have to do with my finances to stay properly within the definition of an LLC so it protects my assets?

4. Do the bank accounts have to be business accounts to qualify and protect me?

5. Any recommendations for companies that make lots of LLC bank accounts easy to manage online?

(I used to use Ally until they claimed my brother was committing fraud due to pandemic unemployment benefits, then banned him from calling them so he couldn't plead his case. Then 3 months later he submitted an official business complaint, and all of a sudden 2 days later they released all his funds because they were scared that he accused them of discrimination. During this time they held up $40,000 of my personal funds that happened to be in a joint account with him. I will NEVER use Ally again. Horrible offshore customer service. Automated-banning, fraud detection, and general BS.)

6. If I get sued personally, are my properties protected within the LLC? Or does it only work in reverse - AKA if someone sues my properties, my personal assets are safe.

Lots of questions I know, but thank you! Hopefully this can help other owners navigate LLC protection...