These expenses include LLC cost, umbrella insurance, tax man expense, RE lawyer costs, office expenses, etc.  

@Stanley ClevelandMany people are told they need to have all of these extravagant legal setups for entity structures, which for commercial properties it makes sense but for single family rentals it’s more often than not an overkill.If you have an umbrella insurance policy, a good property manager in place and obey the laws anyone can sue anybody but what are they suing for?

It comes with drawbacks such as financing risks and does not offer asset protection per se, it just limits the damage to the property like a firewall.Consider an umbrella insurance instead, you should have one anyway.There is a place for LLC's in MF and also you will be required to hold property in a legal entity for commercial financing.

The main thing you need to worry about is landlord insurance and or umbrella.

I’ve read so many different things on LLC’s vs just having an umbrella policy, so I’m unsure where to go.  

You can also get an umbrella policy for a reasonable price as a catch all to protect you from liability.

Umbrella coverage on the property with a pool.   

I understand the whole umbrella insurance vs.

But if you own an LLC and you're the only one self-managing from the LLC that's not much protection, anyway, so may be better to just self-manage and get extra liability/umbrella insurance to protect you until it's worth it to move everything over to an LLC.   

If possible, have them name you on the policy so you get notification if the policy goes into cancellation.Lastly, if you rent to a dog owner, you may want to consider an Umbrella policy.