I have grown into 8 properties with 10 tenants with no LLC/umbrella insurance.  

Your landlord's policy and an Umbrella policy are your best friends.

That is the only asset protection they provide.Buy one million dollars of liability insurance for each property in the name of the LLC and show the Land Trusts as additional interests, Then buy a minimum of one million dollar commercial liability umbrella to cover everything. 

Should I create an LLC, or get an umbrella policy?

Once you are no longer living there then putting it in an LLC or an umbrella policy could be needed.

@Taylor Angel Although your scenario of a contractor injury is extremely unlikely, an umbrella policy is also a very simple solution to an LLC or multiple LLCs. 

I would suggest you save until you have @30% down payment find a deal that cash flows minimum 8% Don’t forget after the first rental save enough to cover repairs and capital expense replacement make sure you have adequate umbrella insurance.

And if it ever came down to going after the property in question, my CPA tells me the umbrella insurance policy we have should protect us 🤷🏼‍♀️

You opted to do umbrella policy instead of LLC for assets protection.

Umbrella insurance if you get sued.