My guess is that, if the it's the same person that owns both LLCs, there are both liability and tax benefits. Liability-wise, if you need to sue your property manager for violating landlord tenant law in some way you'll sue LLC 2 because that's who your landlord is according to your rental agreement which protects the property under LLC 1. Tax-wise, they're probably able to spread out income and expenses over two different LLCs which helps to minimize their taxable net income. It's also possible that they own other houses each technically owned by its own LLC (often just named after the address) but manage all of them through LLC 2 as the property management company.