Both properties roll up under that 1 LLC but have different bank accounts and umbrella insurance coverage. 

We are a field that encompasses a wide variety of other fields under our umbrella.

From what I understand, first, they pre-approve me for an "umbrella" loan, up to a certain amount (let's say, $400k).They will then set the money aside for the duration of the project, and "draw" money from that reserve to pay for purchasing the land + improving the land (leveling, prepping city utilities...) + purchasing the prefab.

We just take out personal auto insurance & we add a umbrella.