Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
There are virtually no advantages in owning real estate under an LLC that other than some small level of protection should you be using it as investment property (i.e. renting it out). You will pay more in insurance, the same in taxes, more in finance fees etc. If you're concerned about limiting any liability for someone getting hurt while visiting or occupying the property it's much less expensive to simply buy an umbrella policy for an additional million or two.
The only way I know of of gaining any real benefits is to set up a full fledged corporation to own the property under and this can be expensive.
I would suggest having a conversation with your accountant about this and see what they suggest.
Best of luck to you.
The reason most people do this is to potentially avoid liability.
You will also want to check with your lender to see if they will allow you to do this.
Many won't allow.