It is my understanding that the purpose of the LLC is to protect the owner from liability issues and that in order to do that each property should be in it's own LLC.This is both expensive and complex as it requires separate checking accounts and tax returns for each property.

Just came across their website when looking for an attorney in the area who specializes in entity formation and asset protection plans.

I know they were just gutted but the point of having that line item is to protect you 5 years from now when things do start to wear out.

Without exception profitability of each transaction has been slashed because of the ramifications of Dodd-Frank and its associated Consumer Finance Protection Board.  

I'd like to accommodate his request, but want to protect myself from getting stuck with him leaving in December or another time period that proves nearly impossible to find a new tenant.any advice/suggestions?

So by understanding how much cash flow you need will determine the types of deals you target to purchase.As a CPA I always suggest forming and buying property in an LLC as it gives you flexibility from a tax perspective and also has legal protection.

I've learned that you get what you pay for and many people are not properly protected when they set up their own LLC. 

Goal is mainly to protect myself and to keep accounting simple and centralized; also taxes organized, etc.Thank you-Chad Hurin

This is what your attorney should be focusing on ( IE the protection of your equity) and the structure.Not so much how much you get paid.

Why not instead have a conversation with your title company, and if required provide them with the documents that exist, to see what they will require.That will provide a definitive answer to protect your transfer interests.