It's your duty to protect them and your relationship with them.Sure, "their interest lies more in the monthly payments" right up until the payments stop coming.

I also believe your management LLC is overkill if liability protection is the intention.  

This gives you an additional level of liability protection. 

I'm looking to form a revocable trust to have all my assets in it, I understand that it does not protect me as an irrevocable trust would.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

You should consult with an attorney in your state to make sure that you are using the best asset protection strategy for your situation.Your budget: The cost of asset protection can vary depending on the type of protection that you choose.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

@Adolphus Fletcher For multifamily investing, most real estate investors typically use an LLC for several reasons:Liability Protection: LLCs protect your personal assets from lawsuits or debts associated with the property.Pass-Through Taxation: Income and losses from an LLC pass through to your personal tax return, avoiding double taxation seen in C-Corps.Flexibility: LLCs allow for flexible management structures and are easier to maintain than corporations.Anonymity: In some states, LLCs can offer a degree of anonymity if you use a registered agent and form the LLC in a state that doesn’t require public disclosure of members, such as Delaware or Wyoming.S-Corps are should be avoided for real estate investing because of various reasons.

If not, buying something random and making one trip there for the inspection isn't going to cut it, and will not protect you from buying a bad deal.Can you pick a market within a couple hours of you instead?  

Make sure to thoroughly review the reports, including eviction history and criminal records, to protect your investment.