If you have a mortgage on this property, search these forums for due on sale clause or LLC vs umbrella, or just insurance LLC.   

If the mortgage is in your personal name then the homes are going to need to stay in your name.You can purchase umbrella insurance to help protect you in the event of a huge lawsuit.

- Closing the home under an LLC- Closing under my personal name then transferring the property into an LLC- Umbrella insurance policy on top of home insurance- Other?

Just make sure you have the correct insurance and add a umbrella policy if you want more protection. 

If you want them to have more coverage, they will need an Umbrella policy with you as additional insured. 

It doesn't, was shocked what he was told was all wrong.That's why for my rentals, I had liability for each rental, $500K and an umbrella, at one time for several million above that.

I also know that I can purchase an umbrella policy to increase my liability instead of going the LLC route, I would just like to keep my options open.I would appreciate any input on:- How investors in the area currently make their rental purchases (directly under their name, LLC or start with personal then transfer to an LLC)- Potential options or questions I might not be thinking aboutThanks!

OR if you are the one personally securing the loan that is attached to the property, you would most likely be better off getting an umbrella policy through your homeowner's insurance for the liability associated with having multiple properties. 

I'd also consider an umbrella policy for cheap additional coverage. 

Also this property is currently under an umbrella policy under my name so I'm guessing I should remove it from there once its in the LLC?