Benefits of a LLC (or other similar business form)

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During my initial stages of research and due diligence on purchasing my first RRE investment property, I've heard both arguments for and against using a LLC as the form of business out of which I should operate the property.

The knowledge I have regarding the LLC as a legal entity separate from its owner is purely academic. Can anyone provide some of the practical advantages and disadvantages of creating a LLC for RRE investing? Is possible to protect my individual assets, other future RRE investment assets, etc.? Thanks in advance for any knowledge you can give a beginner.