I am not worried about the liability implications because I have landlord insurance along with an umbrella policy.

Also, don't overlook the fact that those starting out with a low net worth may be fine holding investments in their own name, or a d/b/a, and simply buying extra insurance (think an inexpensive umbrella policy) to cover potential liability risks.  

We'd be buying it for the purpose of launching an outdoor recreation business there.One piece of advice we've heard is to think about doing a lease option rather than buying outright to limit how much of our assets we're putting at risk.

@John Powell If you can't put it in an LLC, be sure to have an umbrella insurance polict

As you do your research, take 10 minutes to call your insurance agent and ask them about an Umbrella Insurance Policy.

Just take out an umbrella policy to provide some extra protection.

For now my partner and I are going to be in a general partnership with a high umbrella policy and eventually transferring into a llc transferProblem is I don't want to trigger due on sale clause if bank finds out about me transferring my mortgage into a llc.There has been many heated debates on banks triggering due on sale clause and transferring properties into llc after closing.What would be your suggestion to make the partnership less complicated @Drew Shirley?

I needed 4s due to 3/4 water tap supplying 4 bath, 4 kitchen, 2 outdoor spigot and a joint laundry.  

Individually, umbrella or other?

far from it its a fast pace hustle and bustle job outdoors in temps from negative 30 to 100 plus degrees.