However, if it’s not necessary for liability protection, you might avoid the headache altogether and just beef up your umbrella insurance policy.What’s your take on this now?

Do not mix money and expenses, or it won't protect you from lawsuits as intended.

Expect, to only get about 8% (or lower) of the properties you buy redeemed.If you pay close attention to the type of property, and do research to protect your interests, the percentage does jump up to about 30%-50% on the properties eligible for two year redemption.

I think this gives me good asset protection and allows me to take advantage of leverage. 

The big one to read up on is the NYS Housing Stability and Tenant Protection Act of 2019. 

If it is returned in full, the pref equity will receive their accrued pref before common equity receives their accrued pref + share of profits.So, common equity has "unlimited" upside but really no downside protection.

Zoning and Environmental restrictions can greatly effect the value of a property. 

That's a way to get both anonymity and liability protection.

Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

And what kind of protection are you referring to?