Advice on my first deal and asset protection

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Hi all,

I am about to make an offer on a duplex property.  Here are the details:

Purchase price: 55,000$

Rehab: 5000$

Currently rented:  900$ per month (400 and 500 each side)

Expenses:  Approx 400$ (includes property tax, insurance, water bill, property management - 8%, yard maintainance and 10% of rent as rainy day fund)

Financing:

I will buy this property with the HELOC on my home. Interest is 3.75% so the monthly EMI will be 278$ on 60k.

NOI: 222$ (111 per home, 2664 per yr)

I would like to know what you guys think about the deal.

Also I am planning to get an Umbrella policy instead of forming an LLC as this is my first property. Would that be enough to protect the equity in my own home?

Once I run out of the line of credit I am planning to refinance the properties I buy and keep the LOC for cash purchases on properties.

What are the pros and cons of keeping a rental property on HELOC for a while? In terms of asset protection?