Buy $300k of liability coverage for the house, and an "umbrella" policy that covers $1m.

However, if you are intending to tenant them, don't loose sight that this is anything less than a business, and credit, police and previous landlord checks (etc) are not to be overlooked - tenancy contracts must be signed at all times (make sure you also have a good umbrella insurance policy too).If however, you're fixing to flip, short term tenancies may once again be a way to help keep the project afloat for 6-12 months while you're doing the work on the other units.

have to use commercial financing, have to be careful of co-mingling otherwise you pierce your corporate veil,Hold Title in your personal name and buy homeowner insurance and umbrella insurance.

Have been listening to Dave Ramsey and he says to put each one in separate LLC AND get umbrella policy!     

Most brokers around town will have no issues with you coming on under their umbrella to just do your own deals so long as you pay all the monthly fees & keep everything above board.

We already have an umbrella policy in place for some protection from lawsuits and etc... but I want to make sure we are protected the best we can.I'm real confused about the best way to go so any guidance from you long term pros out there would be greatly appreciated.Thanks,Scott

To protect myself from lawsuits I have an umbrella insurance policy.

Then I may start another LLC or get an umbrella policy.

Are there any umbrella insurance policies that don't require an auto policy at all?

I get a DP-3 policy on each property and an umbrella liability for the LLC over all of them.