Purchasing a portfolio of multi unit student housing. What’s the best business structure for protection/taxes?
I have a portfolio of student housing in Pennsylvania owned by multiple LLC’s in a college town. I’m about to purchase another landlord’s properties that will double the size of my current portfolio…any idea of how I should structure/restructure my business for tax and liability reasons?

Edit: I appreciate the input! For the negative folks, I’ve gotten pretty far in life by simply asking questions, you never know what it can produce
[{"id": "hpianxt", "text": "Durrrr I'm gonna ask for very specific financial and legal advice from people on reddit", "replies": [{"id": "hpjlvcp", "text": "Lol it\u2019s a starting spot Papi. I\u2019ve found it\u2019s easier to nudge a lawyer/accountant in a specific direction rather then let them have free range.", "replies": [{"id": "hpjmg2w", "text": "Then you aren't using good attorneys", "replies": [{"id": "hpjmmkr", "text": "You\u2019re probably right!", "replies": [{"id": "hpkgh4d", "text": "That guy as never sought, acquired, utilized and paid an attorney if he thinks that.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hpid4ez", "text": "Yo dawg this is a IRL lawyer and account question. This is about 2 master's degrees and 8-10 years experience over Reddit's pay grade.", "replies": [{"id": "hpjj62t", "text": "And a HS degree.", "replies": [], "depth": 2}, {"id": "hpjm027", "text": "Does clown university count? Or subway university? That\u2019s about my budget level?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hpipztm", "text": "Talk to a lawyer, like a lawyer-lawyer. A real one.", "replies": [{"id": "hpkg666", "text": "An actual real estate lawyer", "replies": [], "depth": 2}], "depth": 1}, {"id": "hpjhw5w", "text": "Get a cost segregation study done, you should be able to create a pretty big passive loss.", "replies": [{"id": "hpjlx9x", "text": "I haven\u2019t heard of this before. Thanks for the input!", "replies": [{"id": "hpl2n0w", "text": "This is why you need a real lawyer and a real accountant.", "replies": [{"id": "hpmebv2", "text": "I have both. Always learning tho", "replies": [], "depth": 4}, {"id": "hpzudfy", "text": "You need to hire a specialized firm that does the study and provides it to your accountant. Cost segregation will allow 100% of current bonus depreciation to be taken in year one.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hpjps70", "text": "If you will hold the portfolio for long term , talk to a attorney about putting the assets in trust .", "replies": [], "depth": 1}, {"id": "hpjyzp2", "text": "Usually don't remember or know of the correct question to specifically ask or forget to ask , Reddit usually gives a little more insight and out of the blue questions to ask or things to think about. Maybe that's OP request.", "replies": [{"id": "hpkvuni", "text": "That\u2019s exactly what I\u2019m after", "replies": [{"id": "hpmoe2p", "text": "Sometimes you get great help here let's see what comes up", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hpk3gz7", "text": "llc start with your CPA", "replies": [], "depth": 1}, {"id": "hpk47k1", "text": "Feel free to dm me. Can put you in touch with an excellent tax attorney.", "replies": [], "depth": 1}, {"id": "hpkh76s", "text": "A Single Purpose Entity (SPE) is how you want to setup the ownership. Also respond according to the specifics of the land, do you own it or is the school giving you the ol\u2019 100 year lease\u2026you definitely need dedicated specialty insurance policies for student housing\u2026that is definitely a unique and specific animal to contend with. Definitely take the previous owner out for steak dinner and find out everything you can about who they used &amp; how they did everything (from management on Down the line to real estate attorney)", "replies": [], "depth": 1}, {"id": "hpkjxhd", "text": "Talk to an accountant or tax attorney, not Reddit", "replies": [], "depth": 1}, {"id": "hpkpq0w", "text": "Everyone is like a broken record here, but if closing costs, inspection and attorney retainer is too much money. Then at very least get a good real estate investing book or course, there are plenty of good ones out there to avoid mannnnyy landmines.\n\nWith that said, and expressing only my opinion as it relates to me and does not constitute legal or professional advice, for which under no direct or consequential or any other can I be liable for.\n\nAgain this is a personal situational opinion as it relates to me:\n\nfor me this worked: LLC holding company in full veil friendly state that is specifically meant to shelter the tax burden while it pays salaries and operational expenses to an operational active/property management arm LLC, while the building is held in another LLC owned by the holdings company. That is not considering tax leverage instruments like 1031 exchange or state specific insentives. Some would argue there is a better way to structure, like through SoloK, trust, re trust, offshore, fractional, note/debt split....yes, and again, IT DEPENDS ON HOW &amp; WHAT YOUR OBJECTIVE IS AT THE END.", "replies": [], "depth": 1}, {"id": "hpkt447", "text": "If you want real answers join FatFire here on Reddit! They\u2019ll suggest a lawyer too but won\u2019t mock you, they\u2019ll also give you really good advice!!! It\u2019s a space for people like you and I to be a fly on the wall amongst people who\u2019ve established true wealth and is navigating it!! People sit in fat fire for years before ever talking sometimes but since you need real answers it\u2019s a safe space to ask!! Best of luck!!!", "replies": [], "depth": 1}, {"id": "hpl5bvj", "text": "I use a combination of LLC's. One is my holdings company, a separate one for each property, one for property management, one for construction and one for maintenance. I also have them in Wyoming but I would have a local LLC for banking purposes.", "replies": [], "depth": 1}, {"id": "hpn6hdd", "text": "I'll be flipant, but depends on dozens of factors that you haven't listened.  From expected time frame hold, amout of equity, if you are syndicating/going The l.p. Route, what your play is (income, betting on appreciation, value add, etc).  As well as your current structure, if you are in house, related party or outsourcing management, etc.  Amount and type of debt you are using and so on.  I'm just stopping the list as I'm on Mobile and.you aren't paying me. Oh, and location as well, as.the attorney will then be able to give you the lowdown on benefits or lack there of for various structures (as it can be state specific).\n\nLong story short, go ask good tax and legal professional s.  If you want to weed out, ask if they have rental property themselves (not necessarily a red flag if they dont, but a point in their favor of they do), if they have any clients with similar sized protfolios, if they have been involved directly in an acquisition of this size, etc.", "replies": [], "depth": 1}]