With some research, I found that m,any suggested just having the loan in our names individually, then having an umbrella policy.

That being said an umbrella policy could get you the same peace of mind.

PM me for details.Assett Protection #2: Make sure you have $1 million in liability insurance for each property.Assett Protection #3: Get a COMMERCIAL Liability Umbrella policy for all of the rentals and LLC.Next I would set up a self directed Health Savings Account (HSA) on my own.

I wanted the lowest conventional rates, so we did conventional mortgages and an umbrella policy.

Umbrella Policy? 

(And serious law suits don’t happen nearly as often as you might think)When you purchase under your own name, you can take out both a landlord policy on the property (similar to a homeowners policy), and supplement it with a $1-2M umbrella policy that should protect you from most issues.

@David Nacco - first make sure to account for the following expenses in your calculations:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance a) Property Hazard Insurance (0.3-0.45%) b) Flood Insurance c) Earthquake Insurance d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy) a) Water § Sewer § Garbage b) Electricity c) Natural Gas d) Propane9) General Maintenance (usually 5%) a) Upkeep § Landscaping b) Snow removal c) Repairs d) New Appliances e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...

Through normal conversations with other attorney friends, I am not sure I need this property in an LLC because I have plenty of insurance with an umbrella policy.

@Nick Karni Starting off, I plan on holding them in my personal name with an umbrella policy.

I currently have 10 properties insured plus my vehicles & an umbrella policy through Farmers Insurance.