An umbrella would be better if you could get a single policy that covers all of your buildings.disclaimer - I'm not a lawyer and this is not legal advice

This is more about relationships.USE A LAWYER in your state who is familiar with this. 

I am currently involved in a "3 way" partnership LLC that was drafted by a lawyer. 

@Andy Chen I am not a lawyer so please do your own fact checking for your local laws.  

The first attorney I picked thought I was acting as a realtor,  so make sure to advertise your contract, NOT the house I spoke to my lawyer.

I know a lawyer is the obvious answer but I wanted to see what my local investors are using.

HOA's should not be able to ban anyone in az from offering Airbnb, Vrbo since the new law passed:Governor Doug Ducey of Arizona has signed SB 1350, a law which prohibits cities and municipalities from banning the listing and use of short-term rentals like Airbnb, HomeAway, and others.I also have a lawyer friend who practices HOA law and confirmed the above, but you know HOAs, they think they make all the rules...

Then the tenant files you with a lawsuit because her "property" is damage and you now have to spend the day in a lawyers office giving a deposition.

@Taylor Witt you can easily spend around $20K to setup your syndicate, and I would echo what you said above, make sure you have a knowledgeable securities lawyer set this up for you.

Now - couple things - 1) not a lawyer, no legal advice given 2) not a credit repair person, no advice given 3) I tend to tell it like it is, so be aware.