I know that it's better to set an LLC for every rental property, considering that the main purpose is asset protection, but I also read that you could have more than one under the same LLC as long as they have low equity.

@Lee SyndergaardFirst I would make a list of all my assets and the way they are titled (bank accounts, savings, brokerage, retirements account, properties) and their value.I would bring also copy of will, living trust, advanced directive, and other documents regarding estate planning.Then I would also have a simple financial statement of the different investment properties and bring a copy of the lease agreement and insurance policy.The different topics that you would probably want to discuss with your attorney would be:Your estate planning,Your asset protection,Your real estate operation in regard to tenant selection, lease agreement, tenant eviction, security deposit holding and return, advertising regulation, licensing requirement, insurance.

Let’s say, yesterday me & my motivated seller agreed on a deal, Today, I file affidavit as protection of course, Howeva b4 my 30days up, motivated seller cancels no apparent reason, ThenA week later, Title Company calls me, to release the cloud & I basically negotiate & i get payed to not buy a house, After all that settles, wat do I say to the cash buyer?

Wyoming has more protections. best of luck to you. 

The liability laws do not separate a student from a prospective tenant, it's universal protection. 

That totals 3 state returns and 1 Federal return.If you want Charging Order Protection Entity (COPE) status make sure your LLC is established in a state that provides COPE.

Also, using leverage is a form of asset protection. 

I’m new to RE investing and not sure whether I need a LLC for additional protection.

What is the best way to protect myself and my properties through insurance?

If we self-manage, does the LLC still protect us?