@Dane Jutila, have you inquired with any insurers about an umbrella policy?

If someone is concerned, I recommend they buy umbrella insurance and call it a day. 

If you are concerned about lawsuits, an umbrella policy may be a better choice.An LLC is useful for two things: anonymity and legal protection.

When I was starting out I had $500K liability per property then added a $2M umbrella policy.  

I am not in the red or anything overall, just have a few payments all over the place so was just trying to put them under one umbrella instead to make a larger payment instead of 4 different ones. 

I do have liability umbrella insurance, but I want to set up a better business structure for long term growth the correct way.

To date, I have many rentals in my own name (with a liability umbrella policy) as many financial institutions are leery of lending to an LLC but now that I am doing more DSCR, I have created a couple of LLCs as the lender only wants to lend to an entity, not individual. 

If it is for asset protection.....doesn't matter do which ever, and have a GREAT insurance policy with an umbrella.

-It is on my to-do list to look into an LLC for next year but in the meantime I have an umbrella policy for additional liability coverage.

You'll need to get a good investor friendly CPA, possibly an LLC, bookkeeper, umbrella insurance coverage, separate bank account for rental.