Rental Portfolio: How Do I Protect Myself?

[Clay Manship]

HI All-

I am in the midst of closing on my first deal, which will be the first of hopefully many units to be a part of my rental portfolio. However, in the closing of my first unit, I am putting the property under my personal name, which is something that I am somewhat uncomfortable doing, as opposed to seeking limited liability through something like an LLC.

I am seeking to keep myself separate from the business entity, should a deal go sour, such that the bank can not go after me personally, etc etc. Any ideas how to best accomplish this? The LLC is the first thing that comes to mind, but from what I understand they can be pricey to maintain, especially if I am putting each rental unit in its own LLC.

Thanks all!

C