Our goals are mostly cash flow right now.I'm looking to learn more about different investment strategies, how to identify good properties, how other investors structure their asset protection (LLCs vs Trusts vs Umbrella Insurance) and stay updated on trends in the market.

With insurance on rentals carry a 2k deductible doing small claims is a path to higher rates or out right cancellation, I also have State Farm grab a umbrella too pennies on the dollar.

If you keep the rental in your own name you will need to change to a landlord policy you will also need a professional review of your primary policy and if you don't have a personal umbrella policy you'll need one of those too.

I was advised to just spend money on a good liability umbrella policy.

You will open a bank and/or brokerage account to hold the LLC capital and use the LLC as your transaction layer, under the umbrella of the IRA.  

However, even with an LLC I would still carry umbrella insurance to protect against any liability against you.

In these plans, a legal entity is formed under the umbrella of the retirement plan that puts you in direct control of the funds and allows you to directly manage all aspects of plan transactions.  

Increasing your insurance and buying an umbrella policy is probably a better, cheaper, more effective way to go if you just own one property.    

For example, you never want to mesh rental properties and flips under one LLC because you never want to combine passive and active income under one umbrella, for tax reasons.

The 1st thing I did was get a lawyer to create a lease that incorporated all of my policies (which he modified so they would be legal and enforceable) and set up a LLC and an umbrella policy to protect our assets.