Our CPA advised to create an LLC for each and our Lawyer describes an umbrella of LLC (1 main and the others flow into it).

So the question is: you need an umbrella for your personal ( if you get sued for sth not concerning the business it stips them to grab your rentals ) and another umbrella for your commercial ?

I would also have them consider an umbrella policy as with that change they are taking on extra risk. 

Check out the Cisco Umbrella suite of tools for a glimpse of what's possible and why they bought OpenDNS to begin with. 

Although I haven't seen much about corporate rentals I know that niche falls under the short term rental umbrella.

This last sentence seems to lump "investor members" and "Sponsor" together under the umbrella of "all members", so that would mean since all Members participate in the pref, Sponsors get to participate.

We already have an LLC to run the business of one rental property, as well as an umbrella policy to cover us even more.

We are also putting this policy plus our homeowner's and auto under an umbrella policy.I did have to change insurance companies as our insurer for home and auto didn't deal in commercial policies. 

Good landlord and umbrella insurance should protect you from just about everything.

Since I have umbrella insurance I just went with Traveler's.