Below are my numbers.Purchase price: 80kDown Payment: 16kClosing costs: 2kAnticipated Rent: $1150ExpensesVacancy: $50 (some might say low, based on my experience, I think this is reasonable)Insurance: $20 (I have a separate umbrella)HOA: $197 (well run association with decent reserves)Repairs/Capex: $100 (I don't have a ton of experience, but I think this would be attainable.

Get an umbrella insurance policy and wait until you have assets to worry about an LLC.

Right now I'm using a large umbrella policy to protect myself with my property after a quit deed claim. 

And know what coverage you want, such as replacement cost, deductible, umbrella or not, etc.For my 16 unit MFH, I shopped around with 5 different carriers and went from $10k annual to $3800 for the same apples to apples coverage.

An LLC or a corporation can be an expensive endeavor that may not be necessary and you may be able to use a good umbrella insurance policy. 

I am not an attorney nor a cpa nor an insurance agent but have a few LLC's.If your networth is  under a $million, this is your first few properties I would just buy it in your personal name, get great insurance on the property and have a liability umbrella.1.

Maybe compromise by keeping a larger emergency fund than normal, an bigger umbrella policy, obtaining mortgages in your own name so she remains debt-free, etc.   

With that being said, I am looking into getting an umbrella insurance for added protection.So my question is, are there any additional benefits of having a LLC manage the property?

I would also recommend getting at least a $1 million umbrella policy with your LLCs listed on it.

I would then consider an umbrella policy on top of that if your assets justify it and maybe even if they don't.