I own two properties in the US with a very little equity in both of them. One is owners occupied and the other is for investment. Is there any point in setting up an LLC for the investment property? Since both have little equity exposure is minimal.
Personal home can’t be held in an LLC. An LLC is for business assets only. Courts do not respect business entities that conduct no business. If you decide to rent it to maintain the corporate formalities, then you give up all the benefits of owner occupation.
You mention equity exposure. An LLC cannot protect equity. Paid off or 100% leveraged is equivalent LLC protection wrt the property. An LLC provides a separation between personal assets and business liability. Unless you are using a PM to manage the investment property, your personal actions are creating a way around the LLC, voiding any benefits.
Owning rental real estate has risks. If you have assets to protect,or expect to have significant assets to protect in the future, an LLC or other entity can be useful to protect those assets.
AS BLL said an LLC for your personal residence makes no sense. An LLC for your rental property can be a good idea. Of course good insurance and proper management of the property are important too. And one is not a substitute for the other.