First, you need to form the LLC for this purpose and I would recommend having an asset protection attorney do this for you.

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.  

Paying for it on  card for liability protection, getting warranty/insurance work, pulling permits, lien waivers, etc.2)Get deeper, not wider.

This gives you an additional level of liability protection. 

If you mean trying to track a deal from start to finish to see how it went I can show you a bunch and walk you through where things go wrong and how to protect yourself.

And on top of it, you have a life insurance to protect your family in case of early demise.If it was so bad, why would so many sophisticated investors using them?

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.

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.

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.