The MILLIONS of dollars in assistance we acquired for residents to stay current during covid, protecting both them and our trusted owners from financial hardship. 5.

It protects their investment. 

And once you've got an approved applicant, then you present them with your lease, which needs to be comprehensive in its protection for you and of your property (mine is 24 pages and counting as I encounter new issues, and it contains fines for certain violations) - check your state laws.

The collateral is all you have left, and you must protect it.

All of the risks of "subject to" then come into play (with a "wrap"); read this thread:http://www.biggerpockets.com/forums/83/topics/86029-subject-2-protection-from-calling-mortgage-due

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.

When you talk about liability you can offset that by making sure you have a good Insurance policy and close the loan in an LLC.LLC protects you and your assets from lawsuits and any litigation from any and all accidents/injuries.

An LLC can help protect your personal assets by limiting liability, and it also allows you to establish business credit early, which can be useful as you scale your portfolio.

Talking to your real estate tax person and an asset protection attorney and then making your decisions is a reasonable way to go about this task.

Get a reduced prepay in case the market does goes lower to protect yourself.