I don't have my properties in an LLC because I have conventional financing out on them, so for liability issues, I have them all under an umbrella insurance policy to protect any lawsuits.

Talk to your insurance agent about getting a $1mm umbrella insurance policy (cost about $250/yr).

If one already has a landlord and umbrella policy is there any reason to form an LLC?

There's a lot of great information in there.I agree, I think the "lost everything" situation is very rare.With that said, to everyone here, is having a one or two million dollar umbrella policy enough that I can rest easy or should I have a sub-LLC for each property I own?

I also understand that it is best to have an umbrella company own the others for asset protection.

I also understand that it is best to have an umbrella company own the others for asset protection.

Make sure you have an umbrella policy as well.

Caveat emptor.I read your expectations that the wholesaler should have, under the umbrella of being a "team effort with wholesalers and buyers", given you a gift of $30-40K.

Unless you have substantial assets already, just get an umbrella policy.

However I’m hearing things about landlord insurance and umbrella insurance.