For liability purposes, we were suggested that we create individual trusts for all of them (3 in total) and make our LLC as the beneficiary.

Looking to buy a muti-family house in Lakewood.

When you create the condo regime, it will be filed with the county and they will divide the taxes to 2 tax bills accordingly.In theory, you are only adding the value of the new structure for tax purposes.

Just as a note, I’m most likely not purchasing this and just am doing this for educational purposes and a learning process.

My husband is looking to purchase a duplex down there for investment purposes and wants to make sure the inspection is thorough.

Sometimes a lawyer is needed if you're doing something complicated.You might want to consult with an accountant so that you have the right setup for tax purposes.

Likewise, the instructions to Form 8825 state that each rental property is to be shown separately on the Form 8825, even if the activities are combined for purposes of the passive activity rules. 

The purpose of the LLC is to shield your other assets should a lawsuit arise.

Just be aware that if you are using a DSCR or investment purpose loan in combination with your HELOC.

Good size yard, with Iron Gate and parking area.