Chris,
Good point about creating a property management under the LLC, but it does it really prevent the tenant from going after you personally?

It depends on whether or not your lease agreement with the tenant is with YOU or with the LLC and whether or not you have decent disclaimers of liability. Of course, a tenant can always try to sue you personally...but a good lease agreement can at least protect you from getting a judgment against you. Every state has different laws regarding piercing the corporate veil..but I always advice my clients to use corporations or limited liability entities to protect themselves as much as possible.

Hi, Chris:
This is somewhat confusing to me (a novince). I thought the purpose of LLC is to have move the property into it to avoid liability. You seemed to suggest that I should not do that..

Yes, the LLC will protect your asset, but what if most your assets are under a single LLC. You still end up with most of your eggs in a same basket... as such the Management Company LLC may have some merit. Can any one refer me to someone in PA that knows how to structure this property? Tks. R

Well--if you move property INTO the LLC, it increases the value of the LLC so that would mean that if the LLC is sued, there would be more assets available to pay creditors. It is better to keep assets out of the LLC and in your personal name and have the LLC act as a management entity for your personal assets. This is how the LLC (or corporation) acts as a "shield". I usually advise people to keep real estate and large assets out of the corporation or LLC and just keep a business account to manage the property and pay business expenses in the LLC. But, every company and business is different so I cannot know how I would advise you in your particular situation. You should talk to an attorney who is well versed in dealing with these entities in your jurisdiction before making any major transactions. Additionally, there may be tax issues which would require the help of a tax professional or CPA.

There is a way to protect multiple assets by using s-LLC

I see, thanks for the valuable advice.