People like Nevada LLCs because they are cheap, relatively speaking, and rarely will a judge allow a plaintiff to pierce through the corporate veil to hold the LLC owner personally liable for something like a tenant slip and fall on property owned by the LLC.  

I wouldn't recommend an LLC for 4 properties, maybe 20, but that's just my opinion.Keep in mind with an LLC, a clever lawyer with a good case will attempt to "pierce the corporate veil" to get past your LLC's protections.

But we never thought that the contract could be pierced so easily.

If self managed will that pierce the corporate veil?

*self manage- if you self manage you pierce the corporate vail*Mortgages- if you put it in an LLC you violate your mortgage.

So does using the LLC but signing with my name add any real level of security/liability protection - or would the LLC most likely be pierced in the event of a lawsuit?

You want to be able to deduct all the expenses you truly took for the business but don't want to do something that would allow an unscrupulous attorney (redundant I know) to pierce the protections afforded you by putting the properties in the LLC.

Their requirements for a down payment went to 20 percent I believe in oly for most buyers but Pierce and King are still 10 percent. 

Lawyers get paid to consult & set up LLCs for 'asset protection,' and then other lawyers get paid to 'pierce the corporate veil' or whatever.

Not that the other one couldn’t be pierced too, but you up the cost and annoyance to do so.