., a one-time reduction) without admitting fault, which might maintain a positive relationship with the tenants while protecting your interests.

Land trusts provide excellent anonymity and then your LLC should provide the protection you want.

I'm really more interested in the protective lien. 

Next having a listing agreement actually protects a fiduciary that you may see benifit in having.

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.

If piti is $1100 and rents range from $1000 to $1200, conservative underwriting would use the lower of the rent range, we have $1100 rent - $1000 PITI - $120 PM  - $50 (vacancy) - $300 maintenance/cap ex - $50 misc (tax man, asset protection, book keeping, utilities that are not tenant responsibility such as for a slab leak, etc) is about negative $420/month. 

The sponsors’ goals included “protecting naturally occurring affordable housing” from teardowns, decreasing “gentrification” and lowering property taxes for homeowners.

Quote from @Jamie O'Connell: Yes, attorneys can be expensive and time-consuming.

Those guest protection policies for most other channel managers are simply priced as a flat rate <$100 per stay insurance policy.

But now I need to make another post to protect other lenders etc.