@Adam Hurst  On my SF rentals I used to get $500K liability and had a $2M liability umbrella.

Those investors without a LLC just maintain their properties and have both insurance policy on the property and an umbrella liability policy.Those that advocate LLC's will have one or more rentals in a LLC's. 

We all have been discussing whether or not to create an LLC and go for portfolio lender financing, or apply as an individual to traditional lenders (and buy an umbrella insurance policy)To my understanding there are pros and cons to going each way.

Let me know if you need referrals for estate planners in California.As for asset protection, look into an LLC or a good umbrella policy.

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

I'm an investor for nearly 40 years and use umbrella insurance to mitigate my risks.Do I use LLC's?

I would recommend a good umbrella poicy regardless.Small correction to the number of financed properties... you can have up to 10 financed properties to qualify for FNMA. 

Have adequate liability insurance and spread the cost of a liability umbrella across a few properties before you take on added administrative load and cost.

I used to get $500K per property plus a $2M umbrella. 

Would you just get a personal loan with an umbrella policy, if so how much of a policy would you start out with?