Umbrella insurance is cheap as it only insures the top tier, above your current policies.An LLC does offer other protection, but many are worthless as they are underfunded, co-mingled funding, and an alter ego for the owner. 

Similar situation with bnb: led to an automated response stating the homeowner cancelled the stay and then they took a cancellation penalty as well.Airbnb has a newer feature that, if you allow them, they alter your price based on competition so id receive bookings for far less than I originally posted.

@Robert P.Double edge sword here...Look at your lease and see if it allows the tenant to make changes / alterations to the unit. 

The LLC is an alter ego of you.

Though I need to make a living, I never want to make a killing, and I believe that too translates into a win for the other parties.Good question.

Or "I don't want to go to all the trouble if it isn't necesary." which normally translates to, "I don't have the $400 to take the licensing class, $100 for the exam, and $300 for brokerage fees and insurance, but I am going to 'buy' people's houses."

The amount you spend on rehabbing does not translate into value.

In addition it takes time to gain reviews and become a super host, which will alter your returns.

When I look at LA and how the crap areas are now hot - it would not be difficult to translate that to other cities using the same geo perspective.

Like I said, I'm very new to this, so it isn't translating well for me.