And if the LLC you set up is a disregarded entity (meaning taxed as a sole proprietor and not filing it's own tax return) then all activity of the property is still on your personal tax return. 

@Mike BereckYou can always start as a sole proprietor and then form an LLC when things take off a bit.

Any input on renting/flipping a property to convenience store proprietors What questions should I be asking?

If you have an LLC in your state and filed taxes as a sole proprietor through the LLC, are you required to file a return for the LLC as well? 

I then delved in a little further and I think that sole proprietors (individuals), trusts and estates are eligible for the 20% deduction as well.   

@Lindsey Leemis, If that is a disregarded LLC that elects to be taxed as a sole proprietor and does not file it's own tax returns Then you are the tax payer regardless of what name is on deed. 

It gave sole proprietors a very professional look.To sweeten the deal, the owner had a commercial copier installed, furnished the office, and didn't charge extra for utilities, phone, or Internet.

Or should I operate as a sole proprietor and get an umbrella insurance policy instead?

You can elect to be taxed as a sole proprietor, or form an S-Corp or C-Corp with an LLC but the latter two would not make sense with rentals. 

Deduction for sole proprietors, LLCs, and S-Corps equal to the sum of:The lesser of: Combined Qualified Business Income, or20% of the excess of: the taxable income divided by the sum of any net capital gain.