LLC vs. Liability Insurance for a rental + managing investment

[Travis Silva]

Hey All - I am officially brand new to being a landlord. As of this past weekend, I had my first tenant move in. Being my first rental, I've utilized a local PM company that has pretty reasonable rates, and they got me a great rental rate.

My questions are around the best way to go about 1) protecting myself and my personal assets from any liabilities if something were to happen, and 2) the best way to go about managing the property (payments, profits, repair fund, etc.)

1. 1) I've seen lots of contradicting posts of people stating that you should absolutely set up an LLC, and others that said having Liability Insurance is a better route (I now have a landloard insurance policy through LM. Same thing as "liability insurance"???) Which one is the best route?
2. 2) As far as managing the investment, should I set up a second checking account through my bank so that my deposits from the PM go straight into there? If so, should I transfer my repair fund to said new account? Since the mortgage is coming out of my primary checking, is it best to transfer my mortgage amount from the new checking account to one that is drafted for the mortgage, then leave the profits from the rental in the new account moving forward?
   

Thanks in advance for any help, and excuse my lack of knowledge here. I am brand new to this and hoping to do this the right way from the start.