We have a large umbrella insurance policy for all of the properties to protect us against lawsuits. 

When starting out and you are buying property 4 or less units don't worry about LLC, make sure you have umbrella coverage besides the insurance.

I'm probably going to avoid the LLC route (likely stick with a simple umbrella policy).

If you want to do that, just get an umbrella liability policy.Not an attorney and not your attorney. 

As far as liability protection, look into adding an umbrella policy to protect yourself.  

I have a buddy that has 4 SFR and he has them in his own name and just has an umbrella policy that I think he told me was around $1.5mm. 

Whether you form a LLC or purchase property as a private person, I would suggest you protect yourself with an umbrella insurance policy.

An umbrella policy is just as good and can cut out some of the headaches.

I’ve read about rental LLC and umbrella insurance but not sure which would be better.

e. vacant land, other than farm land, owned by or rented to an “Insured”Talk to your agent and find out if you policy applies to vacant land and if there are any conditions (.ie no development, no roads, no utilities, not cleared, etc.) that may apply.If the land is covered, you may want to add an umbrella to get some additional coverage.