Paid off my rentals. Now what?

[Nina Zou]

I have 4 rentals and one primary residence all paid off. And that’s all my income, just enough to pay my bills. 

I have enough umbrella policy to cover all my rentals. But I still feel it is not enough protections.

What shall I do now to make sure no any lawsuit or lawyer can go after all my assets once they find out all my houses are paid off?

I’m equity rich but cash poor since i don’t have a w2 job. If I get equity out from private lenders then my income will drop. I just feel I can afford to lose any of my rentals. If I lose them. My life will be all screwed up.

Shall I set up an LLC for each property? What is the best way to protect them? Any idea?