Usually setting up an LLC per property is considered an overkill, especially if each property isn't worth that much.

As the numbers will NEVER be as presented in the calculator.. so you miss deals you should have bought and you buy ones you should have passed on.you need simple back of napkin macro numbers then go look like you said.. all this drilling down to see if it makes a 10.378 return is just over kill in the SFR rental realm..

However, if you are looking to buy rentals here and there to build a sizeable portfolio to quit your job then I think the Masters can be overkill. 

Is this overkill or would this be a good route since we want it to be as automated as possible.

In my market that seems overkill, and likely would give the tenants a bad taste in their mouth if we asked them to do that.To John's point, we also want them there forever! 

What I can't tell is if they're talking about multiple multi units or if that's overkill on one SFH. 

If my first property has let’s say $1,000,000 liability coverage, is it over kill getting another umbrella policy right away?

Here’s an interesting and true scenario in Florida;You have 3 houses to flip this year.You buy #4, it was cheap because it has code enforcement liens because it needs some rehab.The municipality or county file a Cross attaching lien on this property with your name on it or update the old one with a new one recording.You now have a lien on all your Properties.Seems like a bit of overkill but I think there are some properties your just better off and safer in holding in a New LLC to avoid liability.

I think Quickbooks might be a bit overkill for one property

My original thought would be that a law suit couldn't pierce the IRA and if all of you're planning to put all of your properties in the same LLC it might be overkill on protection as in if they take the LLC's assets there's nothing left to protect inside your IRA.