The better way to protect yourself besides having and LLC is to have the highest liability coverage on your landlord policy and follow that up with a 1-5 million dollar umbrella policy.

A simpler option that for some reason never seems to be discussed: with your rental properties in your own personal name, purchase a liability umbrella policy from your insurance company / agent.

That’s a good idea for checking the policy.  

On the HUD website it says only that: At least 80 percent of the units must have at least one occupant who is 55 years of age or older; andThe facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as "55 or older" housing; andThe facility or community must comply with HUD's regulatory requirements for age verification of residentsThis all seems a bit too easy to me, but can't really find step-by-step directions anywhere to do this.

I am risk tolerant, but like all of us, I am seeking "alpha".

I'm deciding between an LLC and an umbrella insurance policy to limit personal liability. 

You are going to spend a lot of time on obtaining a mortgage, finding properties, getting insurance policies, hiring a property manager, etc for $150/month.

VA Loans must be used for primary residences and there is zero leeway. 

For doing absolutely ZERO effort, that is not bad at all.

Review their policies and check to see if they have good in-house property management.