I personally dont see it as a big deal as long as I am cautious and protect my assets with proper insurance...I was just thinking about a large umbrella policy.

I own a few properties and just use a good umbrella policy for asset protection.Good luck!

Your business entities need to be insured as well.Consider, also, that if you own everything your own name (no business entity structure) and your umbrella insurance policy has to pay out, it means litigation was brought and you lost.

And then a 3rd umbrella LLC which owns the 2 other LLCs.

I still plan on getting an umbrella insurance policy for both properties for protection there and i figure any Possible LLC liability protection is good idea as well

Someone who specializes in rentals, fix/flips, multifamily properties (quad/duplexes) and umbrella policies for LLCs.  

Do I go with the basic plan, or should I add loss of rents and possibly an umbrella policy?

In addition to the normal hazard insurance on the property in addition to the liability insurance, many investors that choose not to put their properties into an LLC will simply protect their assets by getting an umbrella insurance policy.

They make it easy to package together small or large portfolios and get one big umbrella mortgage on them.  

I feel like some may say skip the LLC and get an umbrella policy, and purchase all myself but that does not help me with my other side work, I'd like to be able to write off some of that stuff under it as well (now im questioning if i even need the LLC to write that stuff off?