You'd want either an LLC in the state where the real estate is located or you can also just put it in your name and take out a good landlord's policy from Farmers, Erie, etc. which will protect your investment just fine. 

This is the first time I have done something like this, where it was for other reasons besides not paying rent. 

Later I find out from the tenant that the tenant pays their rent early and has already paid January’s rent.

@Jason Lopez You don’t need an LLC to rent out a house in San Antonio, TX, but it can provide liability protection by separating your personal assets from your rental property.

So I'm renting it back out for another year.

Originally posted by @Eric L Conry:I suppose I'm thinking of the increase in monthly cashflow getting rent and not having a mortgage to pay...

Now if you advertised your rent at $1,000 but for a animal you charge $50.00 you don't want to call this pet rent.

I rent to one couple or small family for the full rental period - no less than 2 months and no more than 3 months.

I think this actually happens all over the world, but some landlords will increase their rent to the amount that the US government is willing to spend on rent in that location.

This is day to day spending, rent collection, tax/utility payments etc. (1) account for all security deposits, (1) account for parachute fund, capex items etc.