I’d keep the property in your own name, get the HELOC and get a good umbrella policy.  

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

If the issue is reducing your risk exposure, having the proper property insurance and an umbrella policy is important.

That's because if you  have less, have no assets (equity), it isn't worth suing you and most of your risk can be covered by umbrella insurance better than by an LLC.   

Get a good STR policy and a big umbrella.

Make sure you have an umbrella insurance policy to protect your assets in the event someone is injured/drowns in the pool.

I understand the benefit of "check book control" but am a bit intimidated by the need for an operating document and the risk that an audit would determine a payment disallowed and my IRA standing suffer.I've bumped up my Personal Umbrella policy to a 2x multiple of my net worth and like the comfort that I have a custodian monitoring the transactions.Most of what I've read speak to the business benefits of the LLC, where you earn, spend, then tax vs. traditional earn, tax, spend and I certainly appreciate how the LLC would be beneficial outside of the IRA.I am sure I'm missing something...

:) The same as home insurance, car insurance, an Umbrella policy, all types of insurance.

I always get Zurich's Builders Risk, but there are other rehabbers that have multiple properties going on at the same time that like to get an umbrella policy.

There are some additional benefits but if the main goal is to get started, a LLC might not be needed as an umbrella insurance policy on the property can be all the protection you might need.