My advice,
Keep it simple. Get the property rented out. Get a tenant in there and start getting some rent coming in. It's only 1 property. You'll be fine, just get moving on a tenant, the rest will fall into place.
For sure get an umbrella policy. It is cheap and will protect you. I pay 225 for 1 million dollar policy.
I didn't form an LLC until after 6 months into being a landlord with my first property. I would highly advise forming an LLC eventually, but don't over analyze things or freak out if you don't have one yet. There is a learning curve will all this and it will come over time. It sounds like you are trying to solve everything at once, relax.
A lot of your questions will be answered by yourself if you prioritize things and start tackling your action items one at a time.
As far as the LLC goes, I know a lot of people are going to tell you go go see an attorney, that is the best idea. However I have several friends that invest in RE who simply did their own research and used legalzoom to create their LLC. I also used Legalzoom. I have only a handful of properties and I felt comfortable with the process through legal zoom. LLC is pretty standard stuff.
I also did my own taxes through turbo tax, it was fine. Just take your time and do your research.
My point is, you don't always have to start shelling out the big dollars for lawyers or CPA's in the beginning. When your business starts to grow, sure by all means go that route, but I do not think you necessarily need to start with paying hundreds of dollars an hour for a lawyer to set up your llc.
Next year I'll have to start using a CPA who is versed in real estate because things are getting pretty complicated now that I have acquired more properties.
