An LLC is useful for two things: anonymity and legal protection.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Favorable Legal Framework for Foreign InvestorsGermany offers a straightforward and investor-friendly property market, with laws that protect the rights of both local and international investors.

I've heard there's a good chance the mortgage company won't care as long as the payments continue to be made on time but I still want to protect myself just in case.

Whether you’re dealing with non-payment of rent or other lease violations, this resource explains what landlords need to know to remain compliant and protect their investment. 

Vacancies, tenant turnover, or non-payment can impact cash flow and delay your plan.Time and Effort: Managing multiple properties, handling rehabs, and dealing with tenants requires significant time, energy, and expertise.

I have looked for examples of landlords that were protected by their LLC and always come up empty handed.

For real estate investors, adapting to these changes isn’t just about avoiding fines—it’s about protecting your investment and maintaining a solid reputation. 

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.