Liability Protection - LLC? Umbrella Policy?

[Ben D.]

Hello BP forum -

I'd love to hear how other landlords approach asset protection as it relates to your rental properties. Is it recommended to place ownership of all rental property into a Series LLC? Or is an umbrella liability policy sufficient?

I currently have three rental properties that will all be free and clear in the very near future. I intend to acquire another 9-10 properties over the next five years and all will be owned free and clear. Currently all properties are under my name. From doing some reading on this forum and elsewhere, the consensus seems to be that this is a risky proposition. I've had an LLC in the past for a business that we owned for a short time and I wasn't crazy about the paperwork hassle involved in an LLC. Maybe it's just a necessary evil though. We currently use all proceeds from rentals to pay off the little remaining debt on one of the properties. From there all proceeds will go toward acquiring the next property. I wonder what complexities will be involved in doing this if I form an LLC.

Any and all thoughts and advice would be greatly appreciated. Thanks in advance!