LLC vs Umbrella Insurance vs Other Options

[John Campbell]

New to renting, looking for advice.

Single family home valued around $1.1m. Roughly $510k owed. Converting it to a rental projected to rent @ $4500 monthly. Currently monthly is $2800 monthly on a 2.65%. Property Manager assigned.

Moving out of state, not willing to sell the property right now.

In addition to renters insurance and landlord insurance, which direction should I go as far as protecting myself? Factoring in filing taxes, maintaining LLCs, and overall cost vs security, I’m hearing many different options. 

Current net worth is only $1million with retirement accounts included. New primary will be in Idaho. 

Any suggestions on how I should structure this?

Thanks!