@Chris Doloriert there is a wide variety of different asset types under the commercial umbrella.

Speaking of Insurance … Get some sort of umbrella liability insurance as well.

That aside, I would look into getting an umbrella policy.

With the $ you would be paying your CPA to manage the books on these multiple llc's , you might as well just buy a $10MM Umbrella and never have to worry about getting touched by a suit.

Third, could arguably be a broader umbrella policy for liability coverage. 

Creating multiple LLC's limits what is exposed in the case you get sued.You may want to also incorporate an umbrella insurance policy in addition to the LLC's for your asset protection strategies.You do need a separate bank account for each LLC.

I have all of my other 6 units insured separately but also added to a personal umbrella policy.

I am getting myself an umbrella policy and that should cover myself and my properties, but what will I need for the property management company?

If you're just worried about asset protection, an umbrella policy would suffice more than enough and would be easier/simpler to manage rather than a business entity.

I've already saw in some forums that there are some types of contracts for OF, starting from 2 pages contract with only the basic details and up to 36 pages contracts with detailed addendum.I operate in state of Tennesee (TN), so if you have recommendation of an attorney who'll be willing to work with me on this issue, i'd be more than happy to hear about that.I'm referring to the whole OF umbrella: Selling, Buying, Free & Clear, Sub2 and wrap around, There is no specific niche for me right now.