I have formed an LLC in the state of New Jersey. I have 2 properties and plan to purchase more in the future. I was told that I should hold each property in it’s own LLC my question is do I apply for a tax Id for each LLC and do I open separate bank accounts for each as well? currently I have a tax Id and a business bank account under the LLC I already have. ??? ???
Limiting each LLC to one property is “ideal” but certainly not necessary. Just keep in mind that each property in the LLC will be open to risks arising from other properties in the same LLC. Many (most?) people hold several properties in a single entity with no problems.
However, that protection comes at a cost. While there is the setup costs for each new LLC, there is also a “hassle cost” that comes from all the multiple checkbooks, tax returns, etc.
You may want to consider having one LLC act as manager for the others. If you go this route, have a WRITTEN management agreement between the two that specifies rights, duties, obligations, etc as well as what the management compensation, if any, will be. And then stick to it. This will allow you to operate from a single checkbook, while maintaining ownership across the several entities.
Either way, each LLC will be required to have its own EIN and file its own tax return (unless they are disregarded entities). It is, after all, a completely seperate and distinct company.
Thanks Mark for taking the time out to answer my Question! Your advise was very helpful! 
I was under the assumption that with a one member llc you do not have to apply for a tax id number, or that you tax id number would be the owner of the llc. would different states have different regulations on this?
if you use your social on applications, etc, then you are conducting business personally, comingling, and busting the primary reason for having an entity in the first place.
You are correct, the IRS does not require a sole proprietorship (disregarded entity) to obtain an employer identification number until the entity has paid employees. This is only an answer to a tax question. Since the EIN is governed by federal tax code, state regulations are not in play.
Legal issues may be sidestepped more easily if the single member LLC treated as a disregarded entity obtains an EIN that is separate from the member’s own SSN.