I like umbrella because there is no worry of being pierced for inadequate separation of finances, if sued you have a heavy weight in your corner who has all the consequences of a defeat, and because usually it is reasonably priced (mine today is not so reasonably priced but I believe it is mostly related to the risks of CA).I do understand that the probability of needing the umbrella policy is low.  

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

Quote from @Alecia Loveless: @Diandre Pierce I’d save some money up and then look for a good value add multi family property.

@Jaxin Pierce I definitely recommend looking at turnkey properties for starters.

Quote from @Pierce Mooney: I'm also in this situation.  

The loan is still in your name so any liability protection would be pierced.

Brad Pierce

You have a stronger ability to not allow a court action to pierce the corporate veil. 

I've had several LLC's and S-Corps in the past and they are relatively easy to pierce.

@Robert Pierce That sounds quite typical.