I am really nervous and have looked into an umbrella policy as well as my 1mil in liability i already have on the house, since it is all under my name now

I think LLC's are all the same... the real protection (outside your LLC) comes from some sort of umbrella insurance...

Many small landlords seem to do just fine with no LLC and a nice cheap personal umbrella policy that provides coverage for up to a couple of $$million for pretty small premiums.Do you have a local mangement company or trusty person to take care of things ?

Right now, the best one I see out there to use is the MULTI-member LLC with a GOOD COMPREHENSIVE OPERATING AGREEMENT/UMBRELLA POLICY.

I think we need some kind of LLC or Corp to be the umbrella for this operation.

My final thought was scrap the LLC and just purchase the appropriate insurance and Umbrella and use my online brokerage account that is based in the US to collect rents etc.Thoughts?

My state-farm agent has told me that over 2 units I need a commercial policy and a separate commercial liability umbrella (I already have 1MM liability protection on my other duplex investments).The quote at 90% of replacement cost ($322k), 12 Month rent loss and $5k Deductible is $2,968. $1k deductible is $3,289k.

This is where your liability insurance and umbrella come in.

I don't think I need to form an LLC yet - should I get an additional umbrella policy?

You will still need insurance yourself, get a policy with a high liability coverage for the property and ideally you should have an umbrella policy too.