Finally, adhere to legal regulations and best practices to protect your investment and reputation.

@Joshua Perelli as a PMC, we have an indemnity clause in our management contract, so we're protected by the owner.You'll want to be willing to sign such a clause with a PMC to take on this risk.

It doesn't provide as much protection as most people think, it's not as easy as they think, protection isn't as necessary as you think, and it may actually hurt you by complicating your life.An LLC is useful for two things: anonymity and legal protection.

If a quit claim deed was used to transfer title in a normal sale one just wants to make sure the chain of title seems clear and that the owner issuing that deed had clear ownership.This is why we have title searches done and pay for title insurance to research these sorts of things and to protect us against the oddball unforeseeable circumstances.

I can see VRBO trying to protect their brand and set a bar of excellence with this.However, it also makes you wonder if they are being rated accurately. 

Most who propose this arrangement do so believing they are adding a layer of protection or separation between the property or themselves and the operation but that's total nonsense as well.

If things don't work out, protect your $!

Given that “students” is not a protected class, it’s extremely hard to argue against zoning rules as they relate to them in housing.

If I felt that way, I wouldn't make the agreement to begin with and I work hard to communicate clearly, calmly, and effectively to keep it from getting to that point.I am also open to compromise as my lease offers me protections that I may not need to exercise in all situations to get a fair outcome. 

California Senate Bill 567 (SB 567) allows for "Just Cause" Eviction if a landlord will "Substantially Remodel" a property: https://oag.ca.gov/system/files/media/Tenant-Protection-Act-...