@Kushal Dalal If you have been using LLCs thus far and are familiar with the process, I would continue to use them and use one per property regardless of state, unless the property values were very low then maybe I would consider trying to put several into one LLC to simplify things on the administrative side.Another thing to consider is that with STRs, you typically have some host liability coverage through the booking platform and be sure to get a specific STR policy through your insurer as that will cover more on the liability front than a standard insurance policy would.  

However, I identified loopholes where it is no longer such a problem following Covid policies..

If your policy changes or is canceled, the PM will be notified.

Potentially we have another 4 years after that, where if those policies don't change and we have several million more immigrants and they will need someplace to live...again case for multifamily and mobile homes.....and if we teach all the immigrants coming here to be great consumers like the rest of us already here...that probably is a good storm for warehouses too if we can get them to sign up for Amazon accounts.Maybe a third asset class on both fronts is biomedical research space.....drug/medical device companies even during the downturn seem to do well and they need a place to do their research. 

@Seth BaumgartnerI aim for cash flow of at least $100/mo per door for multi-family.

@Daniel BenyaminNot everyone is as lucky as me when it comes to living in an area where it's easy to enter the market.I've made it a long way in this business and I still wouldn't invest in those markets (New York, California, Chicago, etc.) because the policy makers make it harder for investors to conduct their business and they attack the bottom line.Go OOS where you can purchase more properties for the same amount of capital.

So the protection provided by an LLC structure is from personal liability for the debts of 'another' and that is whether or not there is an insurance policy.

They may need to alter the policy temporaily to make sure he is covered since there is a "tenant" there. 3.

In general, I wouldn't recommend giving any deal to more than two (2) insurance brokers because there's only so many carriers that are going write policies for these deals.

It will save you literally thousands and will act as an insurance policy in the event you get audited since someone else did your taxes and you didnt throw them into turbotax and hope for the best.