Refinancing and paying off Rental

[Kiran C.]

Hi - in the process of refinancing and paying off rental. Thoughts on then transferring the property into an LLC. This would be the first rental and the thought was this would insulate the property from any possible issues/lawsuits down the road. The other thought was to get an umbrella insurance policy instead for this 1st rental and possibly either expand the $$ coverage when additional rentals are paid off or then setup individual LLCs for the multiple rentals. Looking for opinions/experiences for what folks did for their first rental