LLC logistics as created as a partnership

[Jeff Piscioniere]

Good morning all! Just a few short months ago, my 2 partners and I created an LLC for the purpose purchasing buy and hold rental properties. We closed on our first multi in July. The mortgage is only in one of the partners names because based on credit scores it made the most sense plus we knew we could spread the number of properties we could hold by keeping them separate. We even plan on having our wives involved increasing the number even more. My question is that although we have an LLC and all bills are paid out of a joint account, the mortgage is still only in one of the partner’s name. Are we even accomplishing the asset protection we intended by having an LLC? I hear about quick claiming the mortgage to the LLC but that can be dangerous in that it may be called to be due in full. Any suggestions would be appreciated! We are also discussing on how to file for taxes as this one partner will claim the taxes this year and the pla was to rotate between the 3 families. I look forward to your responses and thank you in advance! Jeff