An LLC will do nothing for you such as providing asset protection and shielding you from lawsuits.

@Avi Lah the PMC's alleged liability is immaterial as it does NOT protect the owner.An owner must sue their PMC and prove their liability.

Hi Cliff,Here are some things to consider:Liability Protection: One of the biggest perks of having an LLC is that it helps protect your personal assets.

With several hiking trails/boats/kayaks/bicycles/etc, and just nature in general, what do most people do protect themselves from potential issues?

Quick summary: A Phase I ESA gives you the "Innocent Landowner Defense" protection under federal Superfund regulations.

I know some very big players in this industry, millionaires many times over, and they are not close to $400k monthly net on payroll.

I've read about the importance of landlord insurance in protecting against potential risks, but I'm unsure about the specifics of what I need and which providers are best.I would appreciate any advice or recommendations on the following:1.

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.

Be careful with these transactions and get advise from a knowledgeable real estate attorney who works with these to make sure all steps are taken to property protect yourself. 

The lender is going to provide some necessary guard rails to protect you from what you do not know.