My family owns a dozen or so commercial and multifamily properties in Los Angeles. Also, my dad has his house in Glendale and another property in LaQuinta as his personal properties.
To set up an LLC or LLCs, Should we set up an individual LLC for each property or one for all our Rental Properties.

If you are not already incorporated all your families personal assetts are at risk EXCEPT for social security and pensions for retirement. Those are protected by federal law most everything else is fair game. If you are renting long term most put into llc's but if you are flipping alot do an s or c corp because fo the dealer tax.

The first thing an attorney looks at when taking a pro-bono case for a tenant is the landlords assetts. I am amazed you haven't been sued already. I would go TOMMORROW and go meet a cpa and then a corporation attorney to strategise the best move for you which will depend on many factors.

No legal advice-now get going!

Thank you for your advise.

You might also want to take a look at this;

http://www.assetprotectionforrei.com/

I am also investigating expanding LLCs for my rentals. Right now they are all under the same LLC.

adding to the original question, if I already purchased my property, is it too late to incorporate into LLC? or is it not even worth it now?