I have a question in regards to a home that is in an irrevocable trust that also has a current mortgage on it with a rate of 5%.

The possibilities beyond that set up are essentially endless as you can have an LLC or irrevocable trust owning all your LLCs, etc.John

The rental is paid in full, no mortgage.3- All LLCs will be owned by an Irrevocable Trust.4- The same setup for each rental.Question: 1- I would like to add an umbrella policy to increase liability coverage, maybe 2M, but my insurance agent said that I will need 1 umbrella policy per LLC, is this accurate?

Alternatively, you can look at "irrevocable trusts", a more costly method. 

But I have heard of people in Nevada setting up an irrevocable  trust and each property is in a separate LLC. 

If it is taxed in the trust, (probably an irrevocable trust) it will be subject to the HIGHEST FEDERAL TAX RATE OF 37%! 

I am looking for someone or a company who is experienced in helping me to diversify a Trust that I am the trustee. I currently have fixed up the property and have a renter. There is about 200k more left in the home as...

Then you'll have to consider revocable trust or irrevocable trusts.

Could find irrevocably discretionary offshore trusts.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.NOTE: contracts not based on substantial consider,otherwise employed to permit an unlicensed person.....this means most of the unlicensed brokers in FL are indeed violating FL law.