Start a 2nd LLC for flips vs contracting work?

[Joe Payseno]

Hey guys and gals, I have been listening to the bigger pockets podcast like crazy and really feel like i have some good momentum going in my small but growing business! I would love to hear suggestions others have and would like to contribute to a thought provoking conversation really regarding anything real estate. i'm really loving all the learning thats happening! that being said, here is a bit about me:

I owned my home for 5 years or so and was house hacking as Brandon calls it without really knowing that was a thing. The extra income just made sense to me since I didnt have a family and had some extra rooms. I also own a couple rentals that i grew up in/inherited so ive been dabbling in that arena for a few years also. I started a contracting business doing general contracting with a focus on roofing with a business partner i met at my main job. (engineer in the HVAC realm.) We have been roofing houses on a small scale for a couple years now. 

6 months ago or so we bought a flip in a city close to ours that needed a LOT of work. We bought it at a good price for the market we were in ($130k and we project selling for $250 on the conservative side) mainly because we knew that we were new to this game and would most likely make all the rookie mistakes. (which we have...)  

Id love to go into more detail about any of the above topics, but to keep things short-ish, I have recently hired someone that is going to be doing the things I havent had time to do to really grow the business. (social media presence, website, branding, etc.) What i am wondering is if it would be a good idea to start another LLC (currently have one, licensed, bonded) since we are both handling our flip and our contracting work under the same LLC. I assume this creates a liability since the asset (the flip) is belonging to the same company that is doing the contracting work, so we could have exposure if we were sued lets say. I would think making one LLC to handle the contracting and one to handle the flips would be smart, but if someone could give some guidance that would be cool! (or some material they recommend i read/watch/etc.)

I see our business as being on the verge of really taking off and i want to make sure i do things the right way for long term success.

Thank you, first and foremost, for reading this post and i look forward to chatting!

Cheers!

Joe