I think it is best to form a parent LLC as an umbrella with LLCs under that you would form for each property.

Lastly, once you get all that set up, I would highly consider umbrella insurance especially if you have multiple properties, it bolsters the liability part of not only your properties' insurance but of your personal home and auto as well - once the liability limits on these policies have been exhausted that is when umbrella insurance kicks in. 

New investor in Tacoma, Washington and we are running through a lot of analyses, but unsure of what to use for reasonable estimates for closing costs and landlord umbrella insurance policies.

As I'm under the '2-year mark' for having my license, yes, Ill be staying under my MB umbrella.

My rule of thumb - If your net wealth is less than $1M, protect your assets with an umbrella policy. 

Or would it make sense to umbrella the property under an LLC? 

If you really want to protect your assets, there are two things far more important than an LLC or even an umbrella insurance policy: know and follow the law, and treat your tenants honestly and fairly.

@Dave Foster is recommended as a QI, not much he doesn’t know about 1031’s (or about any kind of drink with a little umbrella thingy in it).

Here are my suggestions (not a CPA, nor lawyer, so take it with a grain of salt):You'll need good insurance and umbrella insurance.You'll need good property management (yours or outsourced).And you'll need asset protection - aka liability insurance.

We are concerned about our liability and being sued beyond coverage of an umbrella policy.Since the financial aspect has his personal name and his line of credit does that pierce the veil of asset protection by LLC?