Recently I've been listening to Marco's podcast, and he had a guest on that mentioned "toxic mold" is not covered by liability insurance, or umbrella insurance.

Since you're just getting 3, I say buy umbrella insurance and skip the LLC - they add a lot of complication to taxes, finances (where you put income, how you pay for things) and I think a good lease and solid insurance will protect you just as well at this stage of the game. 4) How do I decide how long to hold the property?

If you're inheriting the property and want to rent it out, you may want to consider putting ownership of the house into an LLC and/or getting an umbrella insurance policy.You'll most likely want to get up to speed on the landlord laws that are in place for NJ.Did you have any specific questions?

Do you have umbrella insurance? 

I mitigate the risk by carrying both the standard property insurance, plus an umbrella.  

You may have other expenses there as well -- umbrella insurance, tools, office supplies, home office expense, accounting/legal fees, etc. 

I keep a good personal umbrella policy and max out my liability.

One of the many drawbacks of using LLCs... sometimes an umbrella policy works just as well with less hassle.

Currently purchasing a multi-family dwelling that we intend to rent indefinitely After weighing the LLC vs Personal Umbrella Policy debate I was leaning towards the umbrella for this first unit.

I'll add, however, that I do this every two years regardless of what's going on for all my properties, personal and investment, auto, umbrella, etc.