Want to setup an LLC in Colorado (partnership with my mother) for investing in rental properties

[Sabrina H.]

Hi! I'm fairly new to the site (been browsing for a week or so) and haven't landed on exactly the information I'm seeking, so I thought I'd post my questions instead.
My mother sold her house in the southeast recently and moved in with me here in Colorado. Obviously banks aren't paying squat in interest right now, so we are looking at using some of her proceeds to buy 2-3 properties to rent out and split the rental income (she puts up the cash, I do all the marketing and property mgmt).
I've been told that an LLC is the way to go, so that we can protect ourselves as individuals if something happens in the rental(s), and also to get the best tax benefits. I'm just not sure exactly where to get the information for all of the forms needed by the state (I found the LLC submission area on Colorado.gov, but have questions about some of the fields needed to be filled out).
Also, since these properties will most likely be condos (making sure that the HOA covers the roof and exterior maintenance), do we need to get some sort of insurance outside of regular 'condominium insurance'? Does the policy get taken out to the LLC or us as individuals?
Should we setup the LLC and it's relative bank accounts before purchasing anything and writing up lease agreements? I've heard that even if you have an LLC, if the tenant knows your personal name, they can go after you personally regardless of the LLC being the actual "landlord".
I'm excited about moving forward (we recently stumbled upon a great property and would love to pick it up right away), but I'm a little intimidated at some of the potential insurance/tax/etc... issues that may arise.
Thanks in advance for any and all advice!