To LLC or not to LLC

[Amit Shukla]

Sorry for bringing up this topic again.
After going through multiple post on this topic, If I summarize, some people are saying that it is necessary to have it under LLC and some don't. I understand that everyone's scenario is different and hence, different opinions. So, let me be specific on the scenario.

Scenario:
1. First investment property using living trust

2. Loan has the individual (couple) names and not the living trust.

3. Listing on airbnb like sites.

4. Has umbrella insurance.

5. Has STR insurance.

Facts / questions collected from different opinions expressed on this forum:

1. Putting property in LLC when one has loan, is either not possible or will raise red flags with the loan company. Right?
2. If the property is in individual’s name and then if you want, you can create LLC to register with OTA websites like Airbnb, you can still do it. 
3. Tax: If you have a single member LLC, you will still be filing it as part of your 1040. Hence tax bracket remains the same??
4. Tax: You can show expenses for rental property both in LLC and in your individual tax filing. 
5. Protection: If someone has an accident on your property and wants to sue, they can see who owns the property. In this case, a living trust. 
6. Protection: tenants can sue the individuals who listed the property on OTA and the property management company if they are listed as co host. 
5. Depending on which state you have created an LLC and which state is your property in, you may have no privacy in your identity or may have complete privacy. 

What else am I missing?

[John Underwood]

You do not need an LLC for one property that is also mortgaged, has insurance and has an umbrella policy to boot.