You can also get an umbrella policy if you feel the underlying policy's liability coverage is not enough.  

And make sure to account for the following expenses:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance a) Property Hazard Insurance (0.3-0.45%) b) Flood Insurance c) Earthquake Insurance d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy) a) Water § Sewer § Garbage b) Electricity c) Natural Gas d) Propane9) General Maintenance (usually 5%) a) Upkeep § Landscaping b) Snow removal c) Repairs d) New Appliances e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...

That is why I have a personal umbrella policy for my personal dealings and healthy insurance on my business too.

Liability:  My recommendation is to buy the max limit that your policy allows and supplement it with an Umbrella policy6.

So follow up on my insurance endeavor.No longer using the big insurance company.Went with a local agent and received the following:home ins on my primary residence @ 300-400 price reductionhome ins on my rental (3unit) @ 200-300 price reductionI'm getting 80-90% back from my prepaid insurance premiums on both propertiesput all my autos (wife's, mom's and mine) @ increase of 200 (oh well)also, got umbrella ins so #dontsuemebroNet Savings of ... $300 / year on the low end.

My inclination is still to just buy the property outright without the LLC and get umbrella insurance, but if my husband really wants an LLC, this is a good way to move forward.

If you're scared of your personal liability, make sure you have an umbrella coverage for each property with at least 1 million in coverage. 

I purchased a 2 mil. umbrella insurance for some added protection. 

The one I joined make frequen monthly trip to upstate and have connections with vendors there and other home buyers etc.. you can form your own "umbrella" of contacts there.

Land Trusts are good for privacy, I just don’t think there are as good for asset “Protection”… I believe that is where a Corporation or LLC may be better.Another overlooked avenue for “Protection” is an “umbrella” policy (insurance).