If you do not have quality documentation working together to build a wall against lawsuits and creditors then your wall will just fall down on you. 

Also since its a rental you definitely want umbrella coverage as if someone trips and falls, you would not be covered by insurance and could be on the hook

Cash flow negative as we may enter into a recession or at a minimum falling rents and values ...

If you have a loan, you may wish to look into due-on-transfer clauses, as well as whether turning it into a rental requires you to refinance to a non-owner-occupied loan/rate.If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Some are falling apart. 

I had one deal fall through because even though the investor owned the construction company, he wasn't a licensed GC himself AND this was his first ground up construction.

Don't fall for their marketing attempt.

For example, if a landlord is aware that the railing on his rental property's second floor porch is loose and the landlord has not gotten around to repairing it for several weeks, the landlord could be responsible for the tenant's injuries should he fall off the porch, regardless of what the rental agreement says.7.

Many who enter this space only interested in wealth tend to fail and fall hard.

I would be very careful if you move forward and do it because anything that goes wrong is going to fall back on you and if you do not have a management agreement in place you could be opening yourself up to lawsuit if you fail to deliver on the expected services.