Stumbled into a mess ....

[Michele B Cagle]

Here is the story, ..... We currently have 5 rental properties with a contract on a vacation rental at the beach.  We started out getting rental properties when our oldest son was about to attend college.  With eleven children (7 biological and an adopted sibling set of 4), we knew that we could not pay for college.  Well, we bought our first condo in TN where we assumed our son would attend college.  We actually live in AL, but both attended a state school in TN.  He received a full ride somewhere else ... TN gave him very little scholarship money.  So we rented it out to our nephew.  It went so well, we purchased a second condo there.  Both have been rented non-stop for years and are doing well.  We purchased another condo in AL where my second child was going to school.  We have had a couple of hiccups there but it also has done very well.  Second son ended up in MS with a AFROTC scholarship. Yep, we built our house of card up another level.  Now I have three in MS .... three kids and three houses.  Non are in LLCs, all are easily rented.  Now we are purchasing a 3/2 condo in PCB, FL.  It will be managed by a professional.  

So here is my question .... I assume it makes more sense to put the condo on the beach in an LLC. Does it make sense to put all of our others into an LLC of their own?

Thanks