Hello BP,I am renting out my first property next week in WA and I have few questions related to property manager.My property manager doesn't have insurance ( General Commercial Liability Insurance and Errors and Omission Insurance proof)I have both landlaord's insurance as well as an umbrealla insurance.1) How can I ensure I am protected because of a fault from property manager?

That’s just unfair.I’ll also add that it’s important to protect your lender, Darryl.

A major concern of mine is protecting my personal assets from any issues that may arise in my real estate dealings.

The process of using a HML can be expensive and restrictive but they follow a process in order to protect their investment. 

An LLC is a great way to protect your personal assets from being used to satisfy rental debts.

If you are obtaining owners title insurance without exception to the unreleased lien, you shouldn’t be worried about any of this.Either the lien will be released or it won’t... if the latter, your title insurance will protect you against this item going forward.

This protects your personal assets from being used to satisfy rental debts (ie, mortgage defaults, lawsuits from tenants, etc.)

The purpose of an LLC is asset protection.  

& @Wayne Brooks answered your question - there's no tax advantages, only asset protection. 

I searched for an answer to my question on the forums and online but was not satisfied with what I found (either unclear answers or several years old).If I have an in-law suite in my basement, and I want to rent it out through Airbnb and potentially VRBO and others, am I not adequately protected by the AirBnB Host Guarantee and Host Protection Insurance?