Or, a charging order may be granted.If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

If a law suit is filed we are not relying on the LLC for any asset protection.We use an umbrella insurance coverage for our asset protection. 

You will pay $1100 (hopefully this will cover what remains of PITI as insurance in Florida is costly), maintenance/cap ex ($400/unit), pm (or do the work of the PM), Misc (book keeper, umbrella policy, office supplies, etc). 

I'd add some sort of umbrella policy for insurance.

If you qualify for conventional financing I would suggest doing the conventional financing with better terms and you can protect your assets using an umbrella insurance policy.

If so, is it best to form one LLC per property, or have an umbrella LLC with multiple properties? 

., Umbrella Liability. 

Should I start with an umbrella policy?  

Just have good insurance and maybe an umbrella to cover it all.Keep up on maintenance.

A good umbrella policy often provides the same protection and is cheaper and easier to have.