Husband and wife LLC: member-managed vs. manager-managed

[JL C.]

We (husband and wife) are about to acquire rental property and form our first LLC. From an asset protection perspective and a tax perspective, what are the advantages and disadvantages of choosing a member-managed vs. manager-managed? Does it really matter? Also, what are the asset protection/tax advantages and disadvantages of choosing an "at will" (or perpetual) vs. a "term" (specified number of years)? On a separate note, I want to say a big "thank you" to everyone who posts on these forums. I'm new to the site and have learned a lot already. Also, please forgive me if this posted more than once. I tried multiple times on my laptop and it would freeze up every time and apparently did not post. So now I'm attempting to post from my phone. Thank you in advance for any assistance you can provide.