Just use an umbrella policy until you amass a decently sized portfolio.

I also habe an umbrella policy just in case.

If you placed the property in your name, but purchased a $1MM 'umbrella' policy to cover the liability issues, would you need to register the LLC in RI?  

Even having an Umbrella Liability Policy did not help because Ambulance Chasing Attorneys know how to navigate around such a policy. 

Make sure you have an emergency fund of at least 3 months' worth of living expenses and good health/home/liability/disability/life/umbrella insurances.  1.  

I've been told that umbrella insurance might be a better option, simpler, cheaper, while providing adequate coverage for most individual situations.Any thoughts? 

I just bought a 6 bedroom single family house and am renting it by the room. 2 of the tenants happen to be students.I have standard homeowner's insurance for landlords, and was going to get an umbrella policy.

Including an umbrella policy, taxes and insurance take up 25% of my monthly cash flow.

Insurance is going to be your main issue, as it is costly and having been on three boards, we were risk averse to changing it or losing it as I recall insurers bringing up details from bbq to pets, etc. and when you have a claim, really it seemed a struggle, and if they can get out of paying they will..even got dropped once...Maybe have the master policy professionally examined to see what is allowed and, worst case, explore if you can get legal help to work out a mechanism to hold the association harmless (be it your own policy, plus umbrella, and maybe indemnify the association for any claim)....some great advice here and some firms may be more willing to write the policy.

Or should this be under an umbrella or just make a Corp?