As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

You would wish your PM to know how to file claims and protect your assets when your unit is vandalized or someone sues you for slip and fall.

From what I understand, that essentially negates the protection you get from having an LLC.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it.We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

My firm integrated the services together and our clients have loved the one stop shopping for all RE accounting, tax, asset protection and entity work. 

Also make sure you protect yourself with the correct contract documents. https://www.myfloridalicense.com/wl11.asp

Want to understand more about tax issues, liability, and asset protection regarding investing in real estate.

If I was the buyer's broker, I would have checked myself to protect my client.If they had, then they would have found out it was not a three family.

I have looked for examples of landlords that were protected by their LLC and always come up empty handed.

My view is there is more protection on a wrap than a sub to and with the right disclosures and underwriting can be an alternative option.