Structuring Insurance/LLCs for multiple condos for rent

[Rik Chatterjee]

Hi,
My partner & I are getting started owning our own investment properties. We are trying to close in on a portfolio of 3 condos  (spread across 3 buildings within the same complex). What will be the best way to structure our holdings?

Here is some additional info:

(1) Since we are partnering, my understanding is it would be a better idea to spin up a multi-partner LLC to own the condos. My Assumption: Spinning up 3 LLCs for 3 different condos will be more of an overhead.
Question: Any other suggestions?

(2) We might be buying additional properties, but I am contemplating, we would set up each under a separate LLC, that might include other partners as well. My Assumption: Having separate LLCs for each property will help in managing liability and accounts, especially when there are separate stakeholders.
Question: Should each of us (me and my partner) set up our own LLCs, which will own these partnership LLCs (one for each property)? Or should we just be owners directly on the LLCs that are being set up for each property?

(3) What type of insurance should we buy? Liberty offered me 3 separate landlord personal policies, each with their individual liability and coverage. Very expensive. Can we combine these into 1 policy? Should we buy an umbrella policy for the LLC or personal umbrella policy? Are there any other option? Would like to talk to someone who can guide me with these (I am in Arizona)

(4) Should I buy home warranty? Are there companies that can club home warranties for multiple condos to give me a discount?