If they haven't changed since I've been there (over 10 years ago) they were offering up to 10 million in Personal umbrella protection or PUP.

I think forming LLCs for real estate is largely a hot topic among newbies and small investors because it sounds exciting and people will pay to attend the "guru's" conference or buy their "how to" materials, not because they add materially to your liability protection or your investing portfolio.

The benefits are that an LLC or corporation can (if used correctly) provide asset protection and potentially some tax benefits.The drawbacks are that they cost money to form (some states are very inexpensive, some are more expensive), they require extra paperwork (like annual tax filings), some lenders won't finance property held by a corporate entity, and if used incorrectly, they may not provide any asset protection or tax benefits.I'm sure there are other benefits and drawbacks, but those are the basics.If you plan to set up a corporate entity, consult a tax professional and an attorney to make sure you're getting the benefits...

So most LLCs aren't worth 10 cents or provide the liability protection or what ever the hoped for purpose they where created for.A partnership LLC operating agreement is written like a Joint Venture agreement including statements of risk, should the project fail.  

I am well versed with Vacation Home Rentals so if you ever have any questions, guest management, asset protection, or even generating rates, feel free to reach out to me!

Asset protection or tax relief!

I gathered all my notes in a 50+ pages document touching on formation and maintenance of LLC and business structures, transferring assets, protection strategies, trusts, anonymity, insurance, levels of protection, etc. including when you should do it, how many properties per LLC, due on sale clause, selecting an attorney, fees, checklists and resource materials.Doc: https://www.biggerpockets.com/files/user/CosIorg/file/tritoriam-fileAsset Protection Decision Diagram - to help assess the need for asset protection, and what to implement : https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-decision-diagramAsset Protection Onion Diagram - what, when and at what cost one should implement in terms of asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-onion-diagram-v2What is needed for a complete asset protection OR the domains that need to be intersected to find asset protection

But of course it depends, e.g. whether you want to refinance the property at some point (difficult with LLC as beneficiary b/c of Freddie Mac and Fannie Mae rules) and what is the main purpose of your endeavor (anonymity or asset protection or both?).

Once the last room is finished and all the tools are back on the truck we'll go back and unwrap each room (again farthest rooms first) and lay self adhering carpet protection or rosin paper on the floors - it not only saves the new floors during showings it gives the potential buyers the feeling that you took pride in your work.

Not a good idea.It is far more advisable to complete the 1031 and then create whatever asset protection or entity structure you want for the property - after the fact.