LLC for property management

[Manish Shah]

Hello, I am looking to get some expert opinion from the real estate investment pros.

I am looking to build a portfolio of 10 to 15 properties over 2 years. I already have purchased 3 properties. I am not able to get loan on LLC so all the properties I have purchased are on my name. I am looking for following two ideas and would like to get suggestions/comments.

1. To manage the personal risk, I am thinking of purchasing an excess (umbrella) policy of $2M that covers me and my personal assets (If I had LLC, I didnot have to worry about this)

2. For better management of expenses for manage the rental properties, I was thinking of setting up a LLC to manage the properties (like a property management company). So basically I will pay my own LLC to manage my properties. This will separate all detailed transactions into a business entity and my personal account (and taxes) will be simple. I will show income from rent and one expense - ie property management fees.

LLC will have a income from PM fees and it will manage all maintenance/renting etc.