LLC Structure to simplify Taxes and Operations

[Garrett Canter]

Hello All,

I am getting to the point in my real-estate portfolio where the taxes are getting a little unruly. I have 4 rentals that are each held in a separate LLC for maximum asset protection (I know there seems to be debate whether this is the best strategy or if a umbrella insurance policy is good enough. I am curious if the umbrella insurance policy is definitely a better way).

This means I need to file a 1065 and K1 for each property. This makes spreading out some of my expenses (internet, meals, etc.) a pain. Is there a way to structure the LLCs so that a parent LLC or Operations LLC can files all the small deductions? Consolidate expenses?

I also don't have separate bank accounts for each LLC (although I'm told technically you should) so I'm hoping a different structure would allow one bank account to work, since that is what I'm using now.

Looking for some advice on how people with multiple units are structuring everything.

Thanks in advance

- Garrett