Once you have a portfolio, THEN the cost and effort to maintain an LLC *may* be worth the effort.Be advised, it's $800/yr to keep an LLC in Calif AND the list of members must be filed annually.All the seminars taught the legal entity stuff (usually due to the vested interest in 'helping you') but IMO a good landlord insurance policy + an umbrella policy is sufficient for "well behaved owners".

Which is more likely to occur.  1)  The bank calling a loan due on sale for transferring to an LLC, or 2) A landlord being sued and judgment entered in excess of my liability limits (500,000 per property, 1 million umbrella)?

My insurance agent is suggesting a commercial umbrella. but I'm thinking about separate entities or trust.

Individually.Are the tax benefits same for rental properties held individually vs. in an LLC.Is umbrella insurance recommended for individually held rental properties.Does the umbrella insurance give the same liability protection that LLC's have.

I chose to do a umbrella liability policy and put everything in my name.

I have one rental property and looking to expand my portfolio under the "buy and hold" umbrella.

Typically policies max out at $300k liability cover but if you are high net worth we would encourage an umbrella policy of at least $1million. - Jared

However, I understand I have to be under the umbrella of a broker in order to have the access I am looking for.  

Higher rates but if you find the right deals the money usually follows.With banks it's kind of funny in that they have a saying. " When it's sunny outside they have an umbrella shading you but when it starts raining and you need help they run away!

As is often mentioned as your first step in protecting your assets, get a nice umbrella policy, just don't expect that your insurance company won't try to weasel out of it via section 2,  paragraph 7. clause 15 when that two million dollar slip and fall comes down the pipe .