You should be just fine with the properties in your personal name and an umbrella insurance policy.

I'm not sitting at my laptop on a boat in a marina with my multiple girlfriends du jour in thongs bringing me umbrella drinks every time I snap my fingers.

If the property will be in your personal name, make sure you have an extra umbrella policy so if God forbid you get sued, you're not putting your primary residence and other personal assets at risk.

The least you should have is an umbrella policy that will cover any litigation you may encounter.  

The current landlord is giving lease termination notice before I close I plan to rent the upstairs apartment to current or new tenant.Do I need an umbrella policy or will homeowners insurance be sufficient?

@Jennifer Lopez if you only have a couple STR’s unsure then with the correct policy and get an umbrella as well.

If you want the funds to be separate then you should create a separate LLC to not co-mingle funds.If you are simply looking to not pay your broker a split on the commissions then you should talk to them first to see how they want you to set it up outside of the umbrella of their brokerage (if that is even allowed in IL).

I would say that I recommend getting an umbrella policy just to cover yourself for liability purposes/reasons. 

Did you ask your attorney if you were sued in what circumstances would an umbrella policy not cover you?

Buy the property in your personal name and get an umbrella insurance policy for protection.