Once the plan is established, then you can open account (or multiple accounts) under the plan umbrella at any financial institution of your choice.

The wife will get both commissions for the sales, and really, all of the work that they have done so far falls under the umbrella of what a realtor would do.

An umbrella insurance should do when you are getting started.

Or would it be better just to get in umbrella policy and not deal with the LLC? 

. , people get all caught up in creating an entity because some guru asked them to do so.Have you considered buying in your name and getting a $1mm or $5mm umbrella liability insurance?

@Dustin VerleyYes a PST can be transferred to a self-directed IRA since it falls under the qualified defined contribution plan umbrella.

If you're worried about liability, get an umbrella liability policy. 

No firsthand experience, but every time I've seen this question come up the responses indicate that for a few small units LLC will not protect you better than simply adding an umbrella policy to your insurance while being more complicated and expensive to maintain.Also many snags to consider such as banks not likely to finance residential property to the name of an LLC, transferring to an LLC later can trigger a due on sale clause in your mortgage, if you mix personal funds and LLC funds to pay for something you can negate all legal protections.

@Tony MaticIf the funds are under the umbrella of a retirement plan, the loan will need to be non-recourse.  

Usually getting higher umbrella insurance is enough for most situations.