SFR Investment Properties on LLC

[Satya Hareesh]

Hello Everyone,

I have multiple SFR investment homes in different states. All of them are purchased under individual/Family Trust with traditional 15/30 yr loan term. Mortgages are on our personal name. All the tenants pays the rents on personal name.

I am planning to open an LLC and collect all the rents in LLC name. Does it require all the properties and Mortgages transferred on to LLC? or I can just use the LLC to manage the rents and expenses?

Does the LLC can be in one state or need to open in different states?

All the properties has the individual insurances and tenant's carry the rental insurance. I am planning to buy the umberella insurance for about 2M. Any suggestions will be helpful.

Thanks in Advance