There are no tax benefits to forming the LLC. As well, it doesn't really protect you against a suit. If the money comes to the LLC and then to you, courts look at that as "Walks like a duck, talks like a duck, quacks like a duck. It's a duck." Any suit will be both against you and the LLC and the judge will likely not remove you from suit. Better to get yourself insured adequately. I work with many investors and am one myself for about 25 years. None of us are LLCs (well, I am for my business as a realtor, but that is a different thing - that's a real job, unlike landlording, which is simply investing). Don't fool yourself thinking that an LLC will save you. That said, if you are building something, LLCs make perfect sense - that's a project, a thing, whole unto itself. Being a landlord on an ongoing basis is not. Depending on your tax situation, you could actually end up losing money having the LLC hold the property. I have an attorney I trust implicitly for these matters, and this is his viewpoint as well.
Weichert Realtors, Jersey City