Hi Jeff,the basics are- separate bank account(s) to show that your business is run separately from your personal financial dealings- adequate insurance for your rentals; landlord insurance and umbrella coverageOptional- LLC for asset protection; if your business entity goes under then your personal assets are separate and not affected.

I would put the property in your name and get an umbrella insurance policy to protect your assets.Eric

the people that sue just to make a quick buckOK, first off those people barely exist, and the ones that do always make sure that they're suing someone with really deep pockets, large retailers, hotel chains etc. 99.9% of stories that you hear about outlandish lawsuits are complete BS, dreamed up by polititicians trying to pass "lawsuit reform" laws that are much more likely to HARM YOU than to hurt you.worry about the prospect of an injury on a rentalThat's why I've always carried an umbrella policy, currently at $1 million, formerly at $5 million, I pay about $175/year for that in TX, probably cheaper in states where insurance is regulated!

Have had a personal umbrella for many years and now the insurance company is saying LLC's have to be in a commercial policy.

Definitely get liability insurance and if it makes sense umbrella insurance for added protection. 

I have never even considered requiring tenants to carry renters insurance because I have a landlord and umbrella policy myself.

When I was trying to get details about having an umbrella LLC, so I could have some continuity, but not share the liability across all properties, he mentioned having a property management LLC as my umbrella. 

Well after talking to a couple REI that i know and they said they don't have their homes in a LLC and they just carry a Million dollar Umbrella policy.

I think some DIYers are under the false impression umbrellas or home owners cover all this and/or if they build to code they have insurance against liability laws, I won’t be banking on that anytime soon.

Will the insurance be under the LLC name or I can keep the insurance and umbrella policy under our personal name.