Some recommend that I put my properties under LLCs (one for each) and others claim that an umbrella insurance would suffice.I currently have an umbrella insurance for all my properties and have them all running under a Property management LLC that I own.

Is there another way like a joint venture document and then umbrella insurance? 

I personally though just have umbrella insurance to protect my assets.  

@Priscila Argaez If you just own one property, make sure your tenants have renter's insurance, and make sure you have a good umbrella policy in place.

Then I guess the LLC would be insured, bonded, have worker’s comp, etc, and have an umbrella policy for personal liabilities.

You can check into an "umbrella" LLC type setup with a main company you file taxes under (parent) and two LLCs under it (I am not at all an expert in this area and LLC laws vary by state).

An entity is like a tool to shed water, ie a poncho and an umbrella, both have strengths and weaknesses...At the end of the day, unless you like walking around smelling like a dog in a stinky wool sweater with shoes squeaking from within, you will elect to form one or the other.  

There are no insurance pools for small investors, you may mean an umbrella policy putting several properties under one policy, that can be done but probably tough for 2 or 3 SFDs.

Current rents 1100/600Principal/Interest: $988/monthInsurance:$100 month (high est. with umbrella)Utilities: $100/month high est.

Also, consider, do you have any "umbrella"/liability coverage for any things not specifically covered by regular insurance?