If you just need a simple llc make sure you just file it yourself.

Quicken and QuickBooks will work for small-moderate portfolios.You may also go to the Tools tab and click on the File Place.

It means you need to file/pay state quarterly taxes (B&O Taxes) on that Income and report a Schedule C business now that you pay SE tax on vs. no SE tax if that income would have stayed on Sch E as rental income. 

Prevents you from ever having to file personal bankruptcy in such a case. 

Also depends if there was an estate tax return filed or what basis was given to the beneficiaries and whether any discounts were taken due to partial ownership/minority interest. 

You can learn, file, pay fees, get rejected, re-apply as many times as you want.Just because it doesn't appear complicated, doesn't mean its easy.

It's an interesting situation because I live in a most expensive area where you cant really get a single family townhouse for under 250K anywhere in the town and the standard of living is pretty high.

Be very friendly and assuming you can pry a forwarding address out of them the day after they move I would file with Small Claims Court for all lost income up to the time it is re-rented.

The cost of maintaining the LLC, filing a second tax form, etc will most likely exceed the cost of the Umbrella premium.

In some cities, you can actually “self certify” that it meets the standard.