If I own 5 rental properties, would it be cheaper administrative wise to have one parent LLC with each of the properties as subsidiaries or each property as its own LLC?

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Look into creating a series LLC

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If ownership is equal across all properties (or if you are the only owne), a single LLC is best. But if you have partners and you think there is even the slightest possibility of NOT handling each property with the same allocation, better to do a separate LLC for each one.

Talk to an attorney

A series LLC is also a good option, but it is only available in a few states. I am pretty sure a series LLC (or any LLC) can own property in a different state, but most states require some type of business entity to be registered within that state. So, you would have to create another LLC anyway. Oh, IANAL

I own bunch of them and they are all under my name. The trouble of record keeping, gettin approvals from lender etc. outweighs the marginal benefits of better legal protection. If you make any mistakes along the way, your corporate veil is pierced. So I just opted to buy extra insurance instead and forgo incorporating.

Unsure of your personal situation, but setup a consultation with a local lawyer (this is key as real estate is very different from county-to-county sometimes). You want to minimize your personal liability as much as possible and create a structure to protect your assets against pending/potential liabilities against your other assets (e.g., tenant sues you for negligence, wins, could possibly earn more than what your entire asset is worth, forcing you to take on a HELOC or sell additional assets to settle payments, or, even worse, garnishing your wage income)

Structure out that make sense on liability and maintenance and stuff. Talk to a lawyer. We structure out differently and create corporation, just in because of liability and tax reasons

Is it easy to transfer ownership of a property thats under my name to an LLC that I create? Also is financing a mortgage using a LLC harder/get worse rates?

Yeah you can do a quit claim deed to transfer ownership to your LLC. Super easy and very legal. Getting a mortgage under your LLC would be doing a commercial loan, so yes not as good rates and usually only 20 year amortization vs 30

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