Critical to your portfolio is how you will retain ownership of your assets. Typically we recommend that ownership be held within a separate LLC from other LLC's or investments; doing so will limit your liability. We are not an attorneys and I highly recommend you seek legal advice prior to proceeding with any acquisition of commercial real estate. Once you have obtained legal counsel we will work with them to ensure your asset is properly managed according to the "Operating Agreement" you create.
LLC creation is not a difficult process and should run you approximately $1,500 depending on the complexity of your agreement. Your attorney will walk you thru the process.
Since the hole idea of our relationship is for us to "Manage your investment, so you don't have to", we can be named as manager of your LLC. Instruct your attorney to restrict our authority to the level you are comfortable with. Typically we do not charge any fees to act as your LLC Manager.
As far as we are concerned there is no reason for you to create your new LLC prior to completing the due diligence period of your acquisition. Save your money, many deals fall apart prior to closing. We would hate to see you spend any money before it is absolutely necessary.