You'd have to buy the property and then transfer the deed, but if you just get umbrella insurance you're good.

This doesn't even include garbage, lawn care and snow removal.Rent estimate based on rentometerhttps://www.rentometer.com/analysis/2-bed/344-sunnybank-avenue-stratford-connecticut-06614/h4Jfk0QRCRw/overviewhttps://www.redfin.com/CT/Stratford/344-Sunnybank-Ave-06614/home/1072262691450 * 2 = 2900Insurance - Umbrella coverage142Taxes700Water (was told this could run between 70 and 100)100Sewer60Vacancy 7%203Capex290Repairs290Property Management290

We know we are not getting the liability protection of the LLC, but do have an umbrella policy. 

And I have great access to Landlord/property/umbrella insurance information.   

The draw backs of an llc are looking pretty bad like:- lawers can pierce through protection- insurance company lawers will only represent individual not llc- forced to use commercial loan, which has higher rates- confusion on how many LLCs to actually createI like the idea of not getting an LLC and getting an umbrella policy of maybe 2 million.

The only thing I could think of is if my brother or parents, who still live in OH, become the LLC member(s) but I don't really want to put that burden on them (and not sure if that is even "legal").The other option it seems that I'd have to go with is an Umbrella Policy which should be cheaper, when compared to the LLC and the dumb CA tax (but I do not have an Umbrella quote yet).Are there any other reasonable options for coverage against your personal property/financials in case of legal issues?

You might also want to look into different types of insurance whether it be umbrella or some other type, which is another added expense.  

A big factor that's relevant to your other questions as well is that your loan options are going to be very different if you purchase in an LLC - you'll need a commercial loan which comes with higher rates and shorter amortization periods.A lot of people will recommend not doing an LLC for only a couple of properties but rather getting a good umbrella insurance policy, to keep things simpler.  

I'd say JV, UNLESS the other guy will have actual employees working under that umbrella.

One word answer, Umbrella, okay should be two, Umbrella Insurance.