First REI property not under an LLC, what do you suggest?

[Johnny George]

My business partner and I are in escrow on our first investment property, in Pittsburgh. It's a single family home that we're gonna do long term rentals on. We close in about a week, but our biggest mistake was not getting an LLC set up early enough. The property is now in our personal names, rather than under the protection of an LLC. We did take out a $1 million umbrella policy for the property, as well as umbrella policies on our personal insurance as well, so we should be pretty well protected in the event of a lawsuit. My question is what do you all suggest we do in terms of a business entity, now that it's too late to have this property in an LLC? Transferring the property into the LLC will trigger the Due on Sale clause from the lender, and we'd have to pay a 4% transfer tax which seems like a waste of money. Do these umbrella policies provide us enough liability coverage if we were to operate this first long term rental under a DBA? I'm curious to know how we can operate this business without the LLC in place. Any suggestions are greatly appreciated!