Our own rentals are under the same umbrella, so all business expenses, liability insurance, etc, is all for the same LLC company. 

Most folks love the LLC to hold properties, but it doesn't really offer that much protection...you'd be better off with an umbrella policy or a rider.

What are the pros of putting a property in a llc vs just getting a 1-2 million dollar umbrella policy to protect yourself?

Can't say for California but in TN I do the maximum liability limits and follow that with a personal umbrella policy (PUP) that covers me plus all my homes.

Keep $300,000 on each house or more and a $1 million umbrella policy over all of them.

You can purchase an umbrella policy for pretty cheap if you are worried about liability.  

We have an umbrella company and access to investment capital, but are still working on finding a good first acquisition in the area.

Foremost and a personal umbrella policy.

For asset protection, if you choose not to do a LLC, you can just have an umbrella insurance policy.

Here are a few of the major things I am currently dealing with.1) I am looking into getting an umbrella for myself personally, but I really don't know what type of umbrella policy to get and what things I need to specifically cover beyond the basic stuff included in most policies.