Also, does having the property in an LLC limit liability to just that property for a workers compensation claim?

You are in a community property state so at the time you or your husband apply for another mortgage all liabilities will need to be fully disclosed, regardless of who's name they are in?

My family has a number of properties and we'd like to set up a trust to separate each property for liability purposes.

A Brokerage and the Broker would need to be willing to take on the liability of a listing, even if they are not getting paid for representation, with the hope that another sale may result from a "lead." 

@Hope JohnstonYou have to be a licensed agent to do property management in Texas and even at that many Brokers do no allow their agents to do property management due to liability concerns

MHP are great low liability (you're just renting the dirt) but then you have a completely different tenant than apartments or single family homes.

Long story short I decided to pay an exterminator to take liability off of me.

However as you said, as an investor I would not go in for equity and only do this as debt for the sheer aspect of liability. 

I think the "ideal" seller who benefits the most from this type of transaction is one who has a low cost basis in the property and low mortgage liability, and anticipates a substantial tax liability from capital gains and/or other income.  

The insurance you buy will basically cover damage to the interior of the unit as well as liability, though it should certainly be cheaper than normal because it won't need to include damage to things like the building's roof/siding/etc.Also, if you haven't already, make sure the condo board allows owners to rent out their unit.