Most of the small business owners I know can get by just fine with a good umbrella policy. 

That means either there's an umbrella insurance policy and we can go for a settlement or we can take their personal possessions and sell them off."

The LLC may provide a little protection, but I'm also doing a personal umbrella policy to cover myself.

For many years, I have suggested that if you are going to be a landlord, you don't really need an LLC until your net worth is greater than the total liability coverage offered by your property hazard insurance and the maximum limit for an umbrella policy offered by your insurance carrier.  

Hello, about to buy my first property (in Texas) and the lender tells me all of a sudden that we need hazard insurance and general liability and excess (umbrella) liability insurance within the next two days to close on time.

IF your wanting to transfer just for liability protection, you could just get an umbrella policy to have more insurance, this would be much cheaper then forming an LLC and then paying yearly LLC renewal fees along with LLC tax returns. 

My rentals cost about $800/year and the umbrella is around $200.  

Also consider looking at is the $ of the project and what your umbrella insurance looks like with both options .. hope this helpsVonn&Andy

He has coverages on my rentals, vacant homes, flips and an umbrella policy. 

We're not usually that liquid, so instead, we just went the route of keeping in our own names and getting lots of insurance, umbrella, etc.