Do landlords have different entities for each property

[Minne Carlton-Purnell]

I own a two flat now in my name. I will transfer it to my LLC name next month. Now I'm looking to purchase another property. Should I get another/different LLC for this next purchase.

[Nathan Gesner]

I have 25 units and they're all in my personal name. I have a friend with over 50 rentals in several states and they're all owned under his name. 

The purpose of the LLC is protection from lawsuits and (some) anonymity.

What's your risk of being sued? I can't find any data but I manage rentals for around 200 Landlords and have never seen a single one sued. Even if they were sued, the odds of losing are small. Even if they did lose, the average payout is less than what their current insurance would cover. Someone would have to sue you, win the case, and get a judgment greater than what your insurance will cover PLUS the value of your equity in that property before it would ever reach into your personal home or bank accounts.

An umbrella insurance policy of $1 - $2 million is cheap and simple, and it would provide as much or more protection than an LLC. In the meantime, the best protection is to know and obey the law while treating your tenants honestly and fairly.