3 rental properties - Time to form LLC? OK to use Legal Zoom?

[Lewis C.]

Hi Folks,

My business partner and I now have 3 rental properties in both of our names. We have read on numerous occasions that the best thing to do is form an LLC together and transfer the properties into it to mitigate risk and also take advantages of tax benefits. I am looking for advice as to whether this is the best course of action? and if so, would you recommend using a cheap online legal marketplace such as LegalZoom to do so? I have also heard putting each property into its own LLC is an good option.

Any feedback is very much appreciated!

A little background info:

We are 50/50 partners. We each own a primary residence.

Thanks!

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