Multiple SFRs in one LLC

[Michael Lewis]

Is there any benefit to putting multiple residential investment properties in one LLC? If an issue were to arise it can potentially affect all properties within the LLC. I'm in CA and have properties in 3 other states. Since I file in CA it would cost $800/year per LLC and in my opinion doesn't make financial sense to create a separate LLC for each property. Consequently this is best way to mitigate liability. My CPA mentioned that an umbrella policy is really the most cost effective way to reach the same goal however for peace of mind a good idea would be to move these properties into a single member S Corp.

Any insight from the gurus here? I’d greatly appreciate it.