Depending on how much risk you want, usually is 1m in 1 LLC if all your assets is like 100k just buy umbrella insurance to cover your self in case of lawsuit.

But I would say consider talking to your insurance agent first about an umbrella or rider...having properties in an LLC doesn't really release you from liability...at least not how most folks think it does.  

A $1 million umbrella costs a few hundred bucks. 

I'm currently using Foremost for my coverage on my Lake Tahoe property, very reasonable rates with a $1M umbrella.  

It could always show up under the umbrella of the "overall appeal" of the property. 

I definitely will be getting an umbrella policy in addition to LLCs.I think you have a lot of experience and I thank you for sharing your wisdom with all of us!

I’ve done rentals to this point  for eight years with just an umbrella policy but wanted to expand on that and also dabble in flipping homes when a good opportunity presents itself.

I've held multi family properties before in my personal name but always made sure that I had enough property insurance as well as umbrella coverage.  

After the 2nd unit I have no money out of pocket for purchases or rehab as I have enough equity in my units to continue to buy as an umbrella effect.  

For real estate it can be rather cumbersome in terms of paperwork, delays, and per-transaction fees.There are two types of plans that provide checkbook control, meaning you work out of a bank of your choosing under the umbrella of the plan and will have direct signing authority.