The less that you "respect" the legal structure and take short cuts the easier it might be to "pierce" the corporate entity.

I will look at deals down your way but they would have to be larger commercial deals.Justin Pierce

If you have any outside liability claim, as you own the properties in your name, you are not protected at all.If you have an inside liability claim from the rental, as the LLC does not appear to have any function, it seems to act as your alter ego and its company veil will probably be easy to pierce and so won't give you any protection either...

@Dino Pierce I really appreciate the input.

@Kelly Pierce One third of the cost - that is a big reason to not buy!

I would imagine a good lawyer could easily pierce the llc if the mortgage is in the owners name, making the whole reason of quit claiming into an llc pointless.

There is a wealth of information on "piercing the corporate veil" which you can research in the context of your home state. 

I am guessing that there woumd be some way to make this be workable for lessening your tax burden but might not hold up in protecting you legally (piercing the corporate veil).

So any liability created by one LLC (say slip and fall in a rental property) risks all the assets of that LLC, but nothing outside that LLC (assuming you haven't pierced the corporate veil: http://www.businessdictionary.com/definition/corpo...).  

I am a wholesaler based out of Pierce County, Washington (state) and was curious.I am aware that agents can help with comps, but what else?