LLC for Business and LLC for Property Protection Question

[April Birdsong]

I have just purchased 1st rental, and under contract for my 2nd...Yeahhhh I am very excited. Both in my area. So I am interested in managing them myself in order to learn. But now come the details.

Question #1: I do not want them to pay rent to "My personal name". So, I will need to create an LLC for my real estate rental business. I have read many pros/cons about actually putting my property into the LLC. At the very least, I still need to do my basic LLC for my business even if I don't place properties in there yet correct?

Question #2: Placing property into LLC. The biggest disadvantage is not being able to do a cash our refinance correct? Otherwise, there is more liability protection with it being in the LLC.

Thanks so much for the feedback.  

April in Georgia