LLC for one property -yay or nay?

[Elizabeth Conklin]

I am hopeful that this question is not too basic. :) I have one rental property and wanting an LLC to manage expenses (avoid co mingling) and set up a more professional business structure for future purposes. Questions-

-Is this wise? My CPA has advised that there is no tax advantage (I won't be transferring the property to the LLC) and that the income I run through the LLC related to the property may then be subject to additional taxation. Is this correct?

-What is the most cost effective way to establish an LLC?

-Should the LLC be established in the State where I own the property (and future properties)?

THANK YOU!!

Elizabeth