You want to "control everything, own nothing" so as to be as unattractive a lawsuit target as possible.You want to assure that a lawsuit from one property will not endanger others, or at least not a "large" portfolio of smaller properties.You want to emplace a layer of protection between your entity structure and yourself personally, as well.

It's unusual to find an older property without lead paint underneath other layers. 

@Vince Futia Student housing has its own challenges and pets add another layer.  

LLC also offers you gives you a layer of protections.

Go take some layers off of a corner and look??

Adding financing to the mix adds another layer of laws to follow.Happy investing!!

You should be able to take a ladder and wipe away a little snow to get an idea of the shingles such as layers or age.

I will also get to exercise my scrubbing muscles cleaning the kitchen, which is currently coated with a layer of grease, presumably from the 3 deep fryers in the house.

And they can name you and the LLC in a lawsuit.The purpose of owning a property in an LLC is to create a layer of separation between you and the property.You can still use the LLC to manage the property, but I don't believe it would offer the same protection as if the property was owned by the LLC.I'd suggest getting an umbrella insurance policy, just in case.

An LLC won't necessarily resolve that problem entirely, but it does create another layer of protection.