CA out of state investors, what asset protection strategy do you use?

[Nikhil Mascarenhas]

I have about 4 properties out of state and I live in California. I'm interested in learning what others in a similar situation use for asset protection from potential lawsuits. Here are some strategies I've come across:
- separate LLCs for each property (or a series LLC). This has a lot of administrative overhead, the LLCs being disregarded entities may pierce the corporate veil. But most importantly, you'd have to pay the $800 foreign LLC fee in CA.
- one single LLC - easy for administration, but defeats the goal of asset protection.
- trusts - deeding each property to a separate land trust each and then the land trusts in turn grant beneficiary to an operating LLC. Still wrapping my head around this - but it is complex and not sure how banks deal with this when you try to refinance. 
- do nothing, hold in personal name but ensure you have sufficient Umbrella coverage.

Do you use one of the above? Or something else entirely? Would love to hear from other pros.