@Lynn T. In relation to what @Ali Boone mentioned, she is right - you should take with a big grain of salt all the advice you get for free, from the internet. But at the same time, you do need to educate yourself and learn how to use all the tools available to you in your REI toolbox (be that insurance, or management, or financing, etc.) and how they work together (or not) and complement each other. There is no absolute answer or solution, so you need to be aware of options available to you in order to choose the one that suits you. The professional (lawyer, CPA, title officer, lender) that knows your business, plans, strategies and goals intimately, is reasonable priced and proactively counsels you does not exist, it's an unicorn - most of the time the advice you'll get from them will be as good as your question, and even then, their advice will the one producing the most for them at the lowest risk, also for them. Not to mention, the CPA will not answer any legal questions and send you to the lawyer, and the lawyer will send you to the CPA for tax questions, leaving you alone to mesh things together and figure out how and what works best for your situation. So learn as much as you can so you know your options and be able to recognize bad advice even from someone with a framed diploma over their desk.
As for your question - yes, I do have AssPro in place - I choose to go with Series-LLC with properties in land trusts at the bottom and a living trust at the top, and a separate property management LLC as the operations public facing entity.
Another way to look at this is from the perspective of insurance, as asset protection is insurance against litigation. If, let's say, for your 300K property you pay an annual insurance of 1K just in case it might burndown, then maybe it might be worth to pay another $500 to close the litigation risk hole. But only you can judge that - depending on your risk threshold, at what equity level the cost of the asspro insurance makes sense.
I go by the 2% equity-cost ratio rule - for example, if it costs 1.5K to setup asspro and 500 annually in expense associated with that (maintaining the entity, registered agent, extra cost from cpa) for a 2K cost, then I would look to put that in place when I pass the 100K level in equity in my property (note I said equity, not value of property).
It's your "baby", how you grow it depends on you, helmet or no helmet. But if you want more "parenting" advice and see what others think in this arena, here are other related threads of possible interest:
509923-when-has-an-llc-actually-saved-your-assets
553185-rental-properties-and-law-suits
560036-asset-protection-success-stories-are-there-any
607544-been-sued-please-share
