The nice thing is it carries an umbrella insurance policy for outside, reducing some cost.

Here are my assumptions of the advantages and disadvantages but please feel free to advise:HOLDING TITLE IN MY PERSONAL NAME- no fear of lender calling the note due because there is no transfer of ownership- because there is no corporation, I'm assuming that you can count write off passive losses on tax returns- you would need to have an umbrella insurance policy in place to cover yourself if the tenant sues?  

An alternative way to accomplish similar results, in case you are financing the property, and the lender is not a fan of the LLC idea, is to simply purchase more liability insurance or an umbrella policy. 

I currently have 3 properties with an umbrella policy and an could contemplatin setting up a LLC moving forward.  

Side note - my insurance is through Allstate, and I have 4 homeowner/landlord policies through them as well as an umbrella policy. 

Ideally, I'd like to pursue multi-family but am open to any prospects under the investing umbrella.

Is anyone familiar with an umbrella insurance option for someone that doesn't have a primary residence?  

I have another umbrella policy in the LLC name for another $2,000,000.  

Some use an umbrella policy to accomplish the same without the hassle of maintaining multiple LLC'S

If you are chasing the rainbow you have to deal with the rain  So grab a umbrella   and don't quit your day dream.