(On state records Property is shown as ABC Trust)Create an LLCMake yourself as Trustee of Land TrustWife and husband to be beneficiary of Land TrustTransfer Beneficial interest to your LLCLLC Benefificarys are both yourself and your WifeHave an Operations agreement which talks about charging order (Covering outside protection)Finally Adding a good umbrella policy give you the extra piece of mindForms for Trust, I think we can get most of the forms from uslegalforms.com (Example: http://www.uslegalforms.com/ca/CA-015-77.htm)Can some one please confirm below is the list of documents we need to have to create Land Trust / Grantor Trust Trustee's Deed - Can we use this -->>: https://www.biggerpockets.com/files/user/ventekrea...

Should I buy an umbrella insurance?

One said to create a LLC (single-member) and the other said an LLC is not necessary when first starting out if you have good insurance with an umbrella policy.I am still leaning towards the LLC at this point because of the asset protection it offers.

I would contact your insurance agent/company and explain your situation, you may be able to keep/transfer your current policy into a rental investment insurance policy and then add an umbrella on top.

I'll also have an umbrella policy but I want protection through the LLC.Also, if I personally guarantee a loan, does it still show up on my credit report?

@Mark WeinsteinI think they are all different and all have somewhat different end results but I also feel like they can be skills/strategies under the bigger umbrella of being a Real Estate Investor.

@Ana Gosh if you are talking umbrella liability it will probably be one company. 

If you have other properties, it may be more cost effective to simply buy a $1M umbrella policy and then get $300k (or whatever the requirement is for your umbrella policy) liability homeowner policies on each property. 

I want another separate insurance policy (like an umbrella) for more coverage in case something happens.

I think an umbrella liability policy suits most people just fine.