Too small to create an LLC?

[Drew Whitson]

I own five single family homes in the Twin Cities area (Minnesota) and am trying to learn if creating an LLC and transfering these five houses to the LLC is a good decision and worth the time and money for such a small portfolio.

I currently have a $1M umbrella policy with my home owners insurance company but am wondering if one additional layer of protection would be prudent.

If I should create an LLC, should I create one for each property and another to hold the five LLC's? Are there any tax advantages to moving to this legal structure?