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. 

Certainly didn't make it's way into the hands of any consumers that's for sure.

This negative position can consume years of cash flow to recover.

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.

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.

Early on I replied on various contractors (unsuccessfully) due to my (then) full time, very time consuming job.

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.