You would need separate bank accounts etc for every LLC and never commingle or mix fundsThey have to be run like separate companiesMany people think oh I have an LLC I am good learn the hard way when they are sued and the corporate vail is piercedIt also depends on what you have for assets, if your net worth is minImal I recommend getting an insurance policy (umbrella) with higher limits on it. why go through the hassle of multiple LLC’s ?

Also, since I see you are in California, know that both options are subject to the $800 minimum tax, but California is unique in that it has a 1.5% tax on S-corporations so it is not a completely pass through entity as it is in most states. 

Even though I am soooooo ready to get out of the corporate system, I am nervous it will hurt me when it comes to investing in real estate.

When I first speak to them, I tell them:- I’d like to use their place for furnished corporate rentals of 30+ days- I will furnish it beautifully and maintain it immaculately  since that’s what corporate tenants expect. - the tenants are responsible professionals- I will be 100% responsible for all the lease terms- I will handle all property repairs that take less than $200 and 2 hours of my timeIt’s free property management for the landlords.

Have you also looked into forming an S-corporation?

The metrics I follow are:Owner Equity - 30% or moreAge of Occupant - 45+Years Owned - 5+ yearsProperty Type - 1-4 unitsExclude Corporate OwnedExclude Trust OwnedOwnership Type - Absentee.

Working in the corporate environment while facing discrimination was more than enough reason to pursue real estate. 

That said, there could be state-based incentives for corporations who do business in those states, but that would be applied on the state return that accompanies your federal corporate return (partnership or corporation), which is different than the LLC return. 

In a "non-recourse" loan, the lender has no rights beyond the real estate collateral, whether owned by an LLC or not.A scrupulous attorney can also pierce the "corporate veil" of an LLC too, so even this is not 100% liability free.I wish you well!

@Pat Jackson I get my deals mainly from ListSource and some from driving for dollars.These are the metrics I stick to with ListSource: Owner Equity - 30% or moreAge of Occupant - 45+Years Owned - 5+ yearsProperty Type - 1-4 unitsExclude Corporate OwnedExclude Trust OwnedOwnership Type - Absentee.