First time STR, Tax and LLC questions

[Bob Lett]

My wife and I are looking to purchase a 2nd home to rent out with VRBO/Airbnb. We are working on finishing up the financing side of things but have a few questions when it come to tax, insurance and liability:

-We are going to get a mortgage under our names and possibly adding my in-laws. This is a waterfront lake home that was built in the late 90’s that needs some updates. This will be a conventional 30 year mortgage. Home has natural gas, walkout basement and about 75 feet of frontage.

-When it comes to insurance, since it will not be under an an LLC, what are ways we can protect ourselves and is an umbrella policy going to cover us say if someone gets hurt/drowns(worst case scenario)

-can we move it into an LLC down the road?

-can you write off any utilities since it is not in an LLC?

-are there any tax advantages we can take?

This is our first one so not sure what else we need to know but any guidance is greatly appreciated!