I heard you should do that to protect your own assets. 

If you are using the TAR Lease agreement for your rentals and you are not an active REALTOR member of TAR, I suggest you take a look at #33 G before you get a big surprise when you need protection the most:

For example, maintenance is a fine line for each owner and you really need to set up some parameters to protect your tenants as well as yourself. 

Would it be helpful for me to personally get personal umbrella insurance to protect me from any lawsuits, or is this not necessary due to the LLC structure and insurance currently in place?  

I can see it in maybe 2-plex, but 3 and up gets very difficult with protected tenants and all.

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You need to protect the rights of all of your apartment complex customers.

(A) Activities of a foreign limited liability partnership that do not constitute transacting business for the purpose of section 1776.86 of the Revised Code include all of the following:..........(7) Creating or acquiring indebtedness, with or without a mortgage or other security interest in property;(8) Collecting debts or foreclosing mortgages or other security interests in property securing the debts, and holding, protecting, and maintaining property so acquired;What local was the subject property located in where you forced to do this?

I have a 3bed 3 bath SFR for sale for 140k 15K down 125k financed @ 8 % I will have a previous note for 124k @ 3.5%- Mortgage and Escrow at Buyer wants to place cash down as soon as possible, we have a verbal agreement and I have contacted an attorney (www.lonestarlandlaw.com) in the state of Texas to do the contracts (he is charging $750.00) Looking for advice as far as being totally protected and if this is a good deal/good choice on attorney?