As for holding properties under an LLC, there are definitely pros and cons—it can offer liability protection and tax benefits, but it also comes with additional costs and paperwork, so it really depends on your goals and risk tolerance. 

The LLC doesn't actually own the asset and most real estate lawsuits involve the actual property, so I'm unsure that it's providing you protection. 

Now I want to protect myself from any potential lawsuits from them.I'm debating between an umbrella insurance and a LLC.

Working in a busy property management company, I'm often asked for advice on camera and alarm systems, and in rougher neighborhoods sometimes it can be a toss-up on whether to keep a property boarded-up between showin...

Also, is there a clause I can add to the lease to protect us from potential bankruptcy?

It won’t be privacy, it won’t be asset protection.

The process involves deeding the property to a land trust and then assigning the beneficial interest of the trust to an LLC for asset protection purposes.2.

The deal is very good and I’m willing to go through with it, but how can I protect myself to the fullest? 

But there will be ZERO protection.

If you plan to invest in multiple states or require advanced asset protection, consult a CPA or attorney to explore options like a holding company structure.