Creating LLC - How to Structure Loans, Insurance, & Bank Accounts

[Jacob Eddy]

We have a Quadplex and a SFH as rentals and looking to create separate LLCs for both. We are looking to Cash-Out REFI both properties over the next few months and currently looking at interest rates in the mid 3s if we REFI under my name. The lender told me it would be a commercial loan if we REFI under an LLC and therefore would have to get a commercial lender. Here are my questions: If you own property in an LLC, does it have to be financed under an LLC? Do you have to have Insurance under an LLC? Do you have to have a Business Banking Account under an LLC? If you are writing off your vehicle as a business expense, does the Auto Loan have to be in an LLC? If so, all of these seem to be creating more obstacles and not sure that it's worth having an LLC. Thanks!