You’d want to know the status of all tenants and their leases, are the units separately metered, year built (new lead based paint law has just been passed this year for rentals).

That way you are putting some separation between your personal assets and activities from the LLC's.

@Gabe GoudreauAs @Allan Smith noted, cash reserves is the answer.When one buys any rental real estate, one needs to fund the down payment, closing costs, and cash reserves.Create a separate “rainy day” account for your rental properties.

Hello there,It's my understanding that the LLC alone does not offer you protection, it merely separates you from your business, hence the limited liability aspect.

I had intended to sign a separate contract from the HA lease with the tenant.

If you are going to have an LLC or getting serious about REI then you should treat it like a separate entity.

I use to do everythign separate but as my portfolio grows I have turned more and more to escrowing payments since it takes some of the work off me.

You do not need a separate LLC for each property or a series LLC!

Separate bank account in a separate bank from my personal account. 

-In addition to merging (or separate from merging the properties) we plan to finish the basement of both properties into One Bedroom-One Bath apartments.