LLC structure questions for multiple rental properties

[Dustin Tiemeyer]

I've collected 3 properties in a haphazard way, from a legal and tax perspective, - 2 are rentals, 1 is my home. (1 is in an LLC, the other is in my name). All 3 are owned outright, no loans.

Reading I've done states that rentals should be in an LLC (1 LLC per property). Other reading I've done states that you should also have 1 LLC that rules them all.

1) I'm unsure of the advantage of this, could somebody enlighten me?

2) If I set up new LLCs for present and future rental properties, how must I define their ownership, as myself or as the 'master LLC'?

3) Is there any advantage to putting my home into an LLC?
- Perhaps paying 'rent' to my business?
- Would doing so allow me to deduct the replacement driveway I need to buy this year as an 'improvement' at tax time and put some money from that large expense back in my pocket?

Any other suggestions for my situation are greatly appreciated!
Thank you.