If you know that your going to be moving into ongoing property acquisitions, then you may also consider an LLC or other partnersHere is a simplified sample of a JV agreement.

@Kelly Byrd  California will consider an LLC formed in another state whose only asset is property in that other state as doing business in California, just because the owners live in California?  

No sane person would not consider an investment in STVRs a business.

I don't go down that path because I know where it tends to end up ... showing the other side of the coin to newbies who are willing to consider an alternate view that they may not prefer to hear is the value I add.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Having a rental I could distance manage, I'd seriously consider an ocean view condo or SFR (probably condo) and rent it out as a vacation property when I'm gone.  

If you have high liquidity in your assets, you could also consider an Asset based loan for your primary or investment. 

I know I do not consider an RE investment unless I project over 20% Short-term return on investment and typically achieve far greater (about half my RE purchases are on the infinite ROI). 

On the separate LLC discussion, my CPA advised me to keep properties in my own name (not LLC) and to consider an umbrella policy with my insurance provider for added liability protection.  

Consider an umbrella policy.