This is my personal opinion, which probably won't be popular.If you are worried about the cost of hiring an attorney to create a proper operating agreement for your LLC, you probably don't need an LLC, and if you choose to use an online site to create an LLC, you probably get the protection you paid for.

I email all my documents as pdfs with password protection, then I text the passwords to the person receiving them. 

This FLA build new rentals got WAAAY over sold and huge FOMO that got buyers to lose their wits about how to protect their money..

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.

If you haven’t done so already, consider protecting these assets under a legal structure, such as an LLC or trust, to ensure they are secure.

If you will be multiple places chat with an attorney to see if one is most beneficial protection wise, you'll need to register that LLC in the other operating states as a foreign LLC doing business there. 

Just don’t let the cat out of the bag; the leftist will want to make certain birthdays a “protected class “ 

We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

I probably won't withdraw it, so the long-term tax savings and asset protections are appealing.Anything I am misunderstanding or not considering?

This is because DSCR loans do not follow/ pass consumer protection laws. when you live in the property, it creates massive problems for this loan type and the lender which would issue it to you.