Another legal structure question!

[Arjun K.]

I am at an impasse in my legal setup. My original plan was to buy 3 properties and then set up an LLC. I am now thinking more longer term. I considered a Series LLC, and I also considered just sticking with umbrella insurance. What I absolutely do not want to do is set up an individual LLC for each property.

Below is a hypothetical example with "Bobby" (my numbers are different, e.g. I have 3 properties). I am curious what you folks think Bobby should do:
[i]Bobby has 4 properties. These properties have on average $50K equity each (each has equivalent equity). Bobby's non-housing assets equal $200K as well. Bobby has $200K non-housing assets and $200K housing assets (across 4 units). Bobby also has $200K annual income(not from his investment properties). Bobby has $1MM property level insurance, and a $3MM Umbrella Liability.

Bobby cannot set up an individual for each property or his head will explode. Should Bobby:
(1) Increase umbrella liability to $5-7MM and call it a day
(2) Set up a primary LLC for all 4 properties
(3) Set up Series LLC with a comingled bank account (but separate books/records)
(4) Set up Series LLC with separate bank accounts

My numbers aren't like Bobby, but its what I hope a long-term picture looks like.