Include an exit strategy, tax planning, and insurance to protect both parties.

Just trying to get as educated as possible before making any decisions, and setting up my asset protection accordingly. 

Airbnb offers $3M damage protection insurance (AirCover) if guests don't pay for the damages they cause, and $1M liability insurance if a guest gets hurt or their belongings are stolen.That being said, I too do not allow instant booking or most last-minute long-term bookings out of nowhere.

Its purpose is to bring together possible residents with possible landlords, so that these parties can begin a negotiation.

Sometimes we see large amount of equity in a primary residence that can be borrowed against, even in 2nd position if it has a great rate that you don't want to lose.  

Reside in Charlestown WV (D.M.V.), but my existing LLCs is based in VA and IL.

I handle hundreds of insurance claims, resident compensation, crime, and pricing… so I am very familiar with the system and reasons behind policies. 

As others have mentioned they will be putting a lot of time and effort into this so it is important to have an agreement that protects them as well and allows them to do their job.

By being physically present, you can gain valuable insights into the property's operations, interact with residents, and assess the team's performance.

Investment Info:Single-family residence fix & flip investment.