If a tenant trips and injures themselves and decides to sue, they can sue you and can attach any and all your current assets. Including any other properties you own. Forming an LLC for each is an added expense but it will usually insulate your personal assets from your LLC corporate assets. Each property can stand on its own against liability without attaching any other assets to it.

With each LLC there will be separate insurance policies, bank accounts, etc - all in the name of the LLC and not in your name. It is a great measure of protection for your personal assets.

As of last year, the yearly corporate filing fee imposed by NYS has been discontinued for single member LLC's. Remember, the cost of forming and operating an LLC is also a deductible business expense, along with mileage spent while searching for properties to pruchase - just document everything.

I agree with other advice and disclaimers, but just want to point you also to the insurance aspects as well. An LLC owned property needs separate public liability insurance, it cannot be covered under a personal umbrella, and that can be quite costly depending on type of property you are planning to buy.

Gail's advice is good. I'm not a lawyer, so this isn't legal advice. However...

Create an LLC for each. You want to isolate/separate each property. In that case, if one LLC is penetrated, the others are still in place, still providing protection.

As an owner of different properties, it is the best advice I received. Every property I own is part of a separate LLC. Make sure it is a single member LLC, so your corporate fee is less each year $100 vs $500.