The typical approach if you're only looking to buy a SFH or 2-4 unit property that qualifies for Fannie/Freddie is to purchase in your own name, properly insure the home as a rental, and also obtain an umbrella policy for yourself.

I don't know if an umbrella policy would be better or not. 

I decided that I would just go that route with an umbrella policy, and not register as an LLC, at least not for a while.

If you have a lot of personal assets look into additional ways to protect yourself like an LLC and/or an umbrella policy.Finally, play with the coverage, you might be surprised how little your premium actually goes up for large increases in coverage.

Others say simply getting a sufficient umbrella insurance policy is enough to protect your assets. 

perhaps commercial umbrella? 

You should also make sure the Liability coverage is at the max the company allows on the policy (Typically $500,000 or $1,000,000) and have them quote you an umbrella policy as well.

In addition to carrying a $300K liability coverage on all of them, I have a $1M personal umbrella policy.  

maybe with conjuction of good insurance (GL, umbrella, etc).Some things to think about.Best of luck!

I would like for them to be together and was also thinking about umbrella insurance as well.