All properties in one LLC or separate LLCs for each property?

[Blaine Meehan]

I currently own a handful of properties and know I need to get ownership under an LLC. That said- I'd love to hear the pros and cons of putting all properties into one LLC vs. each individual property being in its own separate LLC.

Any insight would be greatly appreciated!

[Will Fraser]

I'll second and third @Corby Goade here! I'll also add to this: there's a lot of ambiguity in how robust the "corporate veil" (the separation between business and business, and business and person) can be in many LLC situations. If you have 20 different LLCs that all do the same thing (own one property, same area, same management, etc) then there's a good line of logic that would lead an attorney to be able to point out that they are functionally the same, and the veil of separation between the LLCs is not valid.

Run all of this by someone with more letters after their name, though.