How much is you liability insurance?  

Or if without their broker to buy/rent or flip them under their own LLC- how is this done legally being a licensed agent so that no liability falls into the lap of the broker?

Personally, I do not see the point, if you buy the property in your name, and then note is in your name, when you transfer to a LLC in your name you have already established enough of a ownership trail that any attorney suing the LLC will be able to show the connection therefor negating any "liability protection" you thought that you had.  

If you have a claim on a vacation rental that is only covered by homeowners you will most likely not be compensated...if it's a liability claim could then become a legal issue...so it is definitely something to be concerned about. 

You may find that in one firm, but I prefer specialists.Look for a good commercial insurance brokerage, you'll be looking at several options for liability protection, use them. 

There is too much liability in it.

Every state has their own laws in regards to property and splitting the assets and liabilities.

Does it have any liabilities?  

Wholesaling is NOT the easiest place to start and it is NOT without risk, no, there is hardly any financial risk, but most aren't aware of the liability they bring upon themselves by trying to wholesale with guru tactics. 

@Dan LiptakA CPA can help with taxes and the tax benefits/costs of an LLC but an attorney will address liability and legal issues.