On the umbrella, the question for you is: Am I OK with losing all that I have if I am sued? 

Hence, the requirement to use commercial financing.Many investors here on BP have chimed in saying they own residential rentals personally and use insurance including an umbrella insurance policy and keep their properties in good repair.Otherwise, the LLC is only there to provide an extra layer of liability protection. 

We do have a large umbrella policy but I am looking for some thoughts/guidance from the group based on experience.

If you do keep the home in your name I would suggest looking at an Umbrella policy. 

And thank you for the tip about opening two accounts for commissions and rental income under one LLC umbrella! 

If they are smaller amounts of money, throw it in a trust or your name and get an umbrella policy until you build on them or start generating income on them.

If you are operating under your own name, a best practice is to get yourself an umbrella policy to protect you.

Get a good umbrella policy too .

I am completely debt free with umbrella policy.

I agree the liability or umbrella policy seems like a much easier route.... but I created the LLC already before I realized that, so figure I might as well try to get it figured out.