Would co-signing the mortgage and getting an umbrella insurance policy, and simply having a real estate attorney write up an enforceable contract be better?

We just purchase an additional 2MM umbrella policy on top of our insurance.  

Therefore, the plan would now be sponsored by the sole proprietorship instead of the LLC.In other words, self-employment activity does not have to be performed under the LLC umbrella.

BTW, the hotel I'm looking at isn't under the Patel umbrella....

I currently have a $1M dollar umbrella policy that encompasses the properties without an LLC.

To this point I've utilized umbrella policies as protection, but I'd like to acquire more properties and I'll feel more comfortable separating my real estate from my other assets, which at this point of my career are more substantial than when I started.

You might want to explore an umbrella policy vs LLC depending on your investments.

- with a boiler in the bsmt if there is ever a fire and your tenant is hurt or dies , does your homeowner and or umbrella insurance cover you? 

And if you have assets; get a real nice big Umbrella policy.

Using my vacancy, maintenance/cap ex estimate, allocating for PM (but we self manage this property), and Misc expenses (things like its percentage of of LLC , percentage of umbrella, percentage of office costs, renters tax, etc.)