Even with a property manager, your corporate veils will be pierced, probably. 

I would tread lightly with the lender, as with this climate of higher lending rates, they just might bite on a "due on sale clause" to get a better return on their money.Alternately, you can transfer ownership back into your personal name, and then get a commercial umbrella policy.With this new FINCen reporting rule that just went into effect, I wonder aloud how corporate veils might now be more easily pierced, thus mitigating the advantage of the entity?

If this legal separation is not maintained, if and when an event of liability occurs the LLC "veil" may be legally "pierced" (e.g. disregarded) by a plaintiff in court and all of the protection will be lost.

Thanks so much Lola,For what it's worth, an employee at IRS told me that the IRS treatment of the LLC as a disregarded entity occurs at the federal level, so it doesn't affect the veil piercing/charging order protection issue which takes place at the state court level.

@Joe CusickI assume that since you already have a PA LLC you’ve done the due diligence on that state to ensure they hold a presumption that a business entity is a distinct legal entity and has a fairly consistent practice for determining when to pierce the corporate veil – and that this happens rarely.Depending on the size of your portfolio it may be worth having separate entities up to determined asset levels.

This is something I haven't fully settled myself, but from the research I have done so far going with an LLC for that Holding Company may have drawbacks in regards it its ability to be pierced (ie. vs. a properly structured LP).

In single member entities the vial of the entity will be pierced in court, especially if the formalities of maintaining the entity are not followed.  

@Margie Pierce no clue what's happening in orlando, but i'll hook you up with a good agent in minneapolis. i'll shoot you a pm

With some advice on BP, there appears to be a way to do it, but I think it leaves the LLC as an "alter ego" thus piercing your corporate veil. 

@Kelly Pierce, the Delaware Statutory Trust is a completely different beast than what the OP was discussing.