This protects you from someone coming after your assets by separating them and it gives you the benefit of pass-through taxation.Here is a quick read that lays out the pros and cons of forming an LLC:https://www.biggerpockets.com/blog/real-estate-llc-not-best-option

This article goes into why you likely will want both to protect your assets.Best of luck!

What would people suggest we do with these storage units to legally protect ourselves if tenants property is damaged in the basement?

I’m aware that having properties under an LLC is a smart move for liability protection, I’m just not sure which business entity formation would be best for 3 people involved.

Do you have security systems? Do you use signs " Beware of dog "... Or " no tresspass"

. - yes let's see. landlords are only required to serve the notice to tenants who haven't paid, so hopefully the ones who have kept paying continue that way@Matt Devincenzo - i don't think there will be an overnight implosion but the Times article is very valid in that when small/indiv landlords are squeezed and end up selling to corporate developers, it's worse for affordable housing which is what CA keeps trying to protect...and I don't think AB3088 is a great step.

@Charles Stein I believe that "source of income" is a protected definition under MA state law so it may be considered discrimination...

Great endorsement to protect investors from false arrest, wrongful eviction, slander, defamation, personal and advertising injury legal liability.

Which brings up another point I've been wondering about- with a 2nd home loan, does it have to be in my name as a "personal vacation home" or can it still be under an LLC/Land Trust for protection purposes? 

Sometimes it's in your best interest to help them succeed so that you protect the amount owed to you.