However, as part of the on-going business relationship, we want distributions (cash-flow) to be specific to our initial investments for each new individual property we purchase since one Partner may contribute more or less of an initial contribution toward the purchase of each new property.Ideally, we want the ownership split of the overall business to remain 50%/50%, and depending on any properties we purchase in the future under the umbrella of the business we would like the ability to allocate the P&L distributions per property.This is because, for example, we don’t want to disrupt the overall 50%/50% ownership of the business, and want the P&L among us to be allocated per property (like 60%/40% or 70%/30%).

Should I leave them in personal name and put a umbrella coverage on them ?

Should I leave them in personal name and put a umbrella coverage on them ?

We wan to keep our current entity as the lead umbrella.

I'd also certainly carry an umbrella policy when you’ve got significant assets.

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).

If it’s your first property and you’re not worth more than $1m, you will get significant interest rate advantages for putting an investment property in your personal name and just buying an umbrella policy like $1-2m (mine costs me like $300 and also covers if I have a catastrophic auto accident). 1% interest rate differential on 30 year loan for $500,000 can be tens of thousands of dollars. (5,000/year more then declining as you pay off the principal, but a ballpark of 2500x30 is $75000 more in interest (deductible)).

Recently I posted on here about whether or not to start an LLC and there were two common themes: if no LLC, at least get an umbrella policy.

I know trusts can also be setup with umbrella trusts, similar to a parent LLC. 

Banks are a very common route for refinancing (they generally offer cheaper rates), but in the event that someone doesn't want to use a bank, hard money lenders have developed a product that can be used to refinance out of a short-term loan.The bridge product is an umbrella term as Zach mentioned above.