Creating a LLC for each property?

[David Menapace]

Hello Bigger Pockets Community!

I have my second investment property under contract (a win in itself given this crazy market!). I have a business partner that is also joining me on this adventure. We are now looking to create a LLC for which we will put this property and future properties into. A lawyer provided us with advice to create a separate LLC for each property.

Question to the Bigger Pockets community: Is that what most folks are doing? Are there alternatives? What are the pro's and con's to having an LLC for each property, rather than just one for the portfolio of properties?

All the best and good luck to all!