Serge Suchkov you may also want to ask them about the pros and cons of putting properties in a LLC vs in personal name and carrying an umbrella insurance policy.

If you don't have many assets with a lot of equity, you're probably fine with an umbrella insurance policy, but it also depends on what sort of investing you're doing and how litigious the clientele might be.

Our firm is an independent brokerage, not a team under an umbrella.

I usually max out liability coverage on my properties and get an umbrella policy.

@Scott Walther  I use my broker of the last 25 years he finds me the best fit.. umbrella for these things is whats needed.now that all said.. in 42 years of doing this I have never been sued by a tenant.. the only litigation I have seen is partnership disputes.now that I got into new home construction about 5 years ago..

Get good umbrella insurance and roll on. 

We also have 3 other properties in CA under our names and a $2M umbrella policy.My questions are:1: should we set up an LLC?

Therefore, I'm assuming I would need homeowners insurance AND an umbrella policy.

It might make sense to consider getting an umbrella policy as well. 3.

From what I've gathered, I've deducted that we need a Builder's Risk Policy to cover the property itself (that perhaps goes over to a Vacant Home Policy after the rehab - although REIGuard says we have 3 months after the rehab to sale before needing to switch to a Vacant Home Policy) in addition to liability of course (do you guys prefer bundling this with your Builder's Risk and/or getting an umbrella policy with your personal insurance agent - we have homeowner's & auto insurance with State Farm?).