But breakers are there to protect against overloads. 

(Dodd-Frank doesn't protect investors from themselves!!!)

An LLC will not protect your asset if you get sued because the lawyer will sue the LLC, and all parties involve .

Since we will have to have a lease with them for the two months they will be staying there, I was wondering if there was any way to protect ourselves more than a standard lease agreement in this situation. 

I understand that the house would have to be in my name to protect myself, and check to make sure he has a track record of success.

I'd feel better.If all you're getting is a Quitclaim, you're nowhere near as protected.

You can always transfer title to a LLC later but you could trigger the due on sale clause and will really have no asset protection since the note is in your name.  

Protect yourself.  

I create individual LLCs for each of the properties for asset protection purposes, but please refer to an asset protection lawyer to understand the full process on doing this.

Multiple LLCs can be helpful to segregate risk, to protect equity, and to shield personal assets.