Asset Protection Recommendation - First SFR - TX

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Hello everyone, I am getting back into REI and want to make an offer on a property that I have been watching for a couple months now. My one snag is that I'm not sure what option is best for asset protection. The home is worth about $60K, listed for $48k, currently rented for $700/mo. Does it make sense to put my first property into its own LLC or should I bump up my umbrella policy to $2-3mil?

 The plan is to have at least 5 rentals by May 2024, with that in mind would it be most prudent?

Thanks in advance!