This is the job of the insurance industry to protect your assets via the policy and protect against claims.

They have very competitive commercial policies as well.

Seller would add me as an additional insured on the escrowed insurance policy.

Would we both need our own umbrella/insurance policies?

There's almost zero likelihood of getting a conventional mortgage on a condo listed for less than ~150k in socal (even riverside) because they will all be >50% rentals, and as a non owner occupied property, Fannie May requires at least 50% owmer occupied.  

Then do that x1000.I was also curious about LLC vs umbrella policy.  

I found myself sending emails to agents asking questions on some potential properties but quickly realized that even if I find something I have zero funding.  

Doubtful, since syndicators raise capital from 10-20+ partners on larger deals all the time, and banks fund the transaction if the deal and risk makes sense on their end.Given your stated knowledge of banks' funding policies, why even raise the question as a topic?

Existing company does not do small property packages any longer and will not write a new policy.

I had AllState for all of my residential primary and landlord policies for years.