rags,
Forget about the LLC’s in landtrusts owned by corps thing. That was an extreme example of some peoples’ idea of “asset protection.”
No, you do not need a LLC for each property (though some would recommend it. Again, extreme). One LLC is enough.
Yes, you personally will still be responsible for the loan. When you change the deed over to your LLC what you are essentially doing is a sub2 transaction (hit that forum if you need to read up). And just so you’re aware of it, there is always the possibility, however rare, that the lender could call the due if you “sell” the property to your LLC.
A LLC is a business entity just like a Corporation. Think of them as two sides of the same coin, so to speak. You don’t need both.
Raj
Using the trust as stated by Mtnwizard is like using a moat to protect your house, instead of deadbolt locks.
I am amazed at how a question regarding LLC’s always gets responses from Mtnwizard about trusts. Goodness, enough of the board hustling, it is getting beyond old seeing the same damn thing every day.
Actually, you may need a seperate LLC for each property (or small group of properties) to avoid other issues in some states. For instance, in the great state of Texas, if your LLC has revenue/profit/assets (I forget which one) totaling more than $150k in a given tax year, they will slap it with a franchise tax.
Edit: Here is some more information regarding Texas, LLC’s, and franchise taxes -
http://entrepreneurs.about.com/b/a/122155.htm
http://www.window.state.tx.us/taxinfo/taxpubs/tx96_114.html