Also this property is currently under an umbrella policy under my name so I'm guessing I should remove it from there once its in the LLC?

Seems the trigger is when the hazard insurance is changed. http://www.biggerpockets.com/forums/311/topics/183...The best solution I have found when talking to my attorney is to get an umbrella policy to "reduce" the risk.

As a  result, the funds that were rolling for today it was better to have a simple LLC, umbrella insurance policy, and proper business/landlord insurance added on.

My belief is if piti is $2400 and rent $3k, your cash flow is very small (maybe $100) when allocating for all expenses (vacancy, cap ex/maintenance, PM (even if self managing, allocate PM costs), misc (bookkeeping, share of umbrella, share of office expenses, rental tax, etc).Next fear is that in most markets a hands off ADU that cost $231k will be lucky if it adds $181k of value (negative $50k in value).  

It’s creates too much of a hassle,  looking back, leave in your own name and get a large umbrella policy .   

If you have a spare $500k-$1M in cash/equity somewhere else, upgrade your umbrella policy you obviously already have as it is waaaaay more important than an LLC. 

Either way if your close to the river or lake you can still provide kayaks so people can do the same as your wanting to do.Have a nice fireplace / outdoor space.Check out all the rules and regulations before you get started.If you have trouble with labor you could consider just putting a really nice camper on the land.

The recently updated Master Plan states: "Current site design requirements for industrial land uses will be reviewed and revised to ensureadequate landscaping, façade appearance, screening of outdoor storage, and other design componentsthat will promote further industrial investment in the City."

DING  DING  DING   We have a winner Give the potential buyer a WOW to take away with them    Even better if you can put in a sliding window with a small simple inexpensive patio    I put in outdoor kitchens with fridge, cook top, gas BBQ grill, bar counter, sink and cement floor for not much over $1000 And 10 hours of my time. 

I got an umbrella policy though.