I wouldn't consider it until you have at least $1 million in equity, and even then there are other ways to protect yourself.What you do need is a solid partnership agreement.

And behind the umbrella policy can be a complex web of corporations, LLCs, and trusts to protect you.Asset protection can get very complicated.

Any and all eyes and insights are welcomed.

By last night and early this morning, I did suggest that they evacuate but that they could stay if they didn't have any other options (surge is my main concern, we are on the 18th floor so I don't think they will have an issue with that and we have Miami/Dade qualified hurricane protection)...BUT, I was very forthright that they would likely be without water and electricity and stuck on the 18th floor possible for some time.  

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.

Keep your eyes peeled! 

@Jeremy Anhalt We did a showing for $1,300 and they didn't bat an eye.

Chances are the subscription documents you signed are pretty protective of the GP, so there is no real case there.  

My two cents would be to start with a solid business plan that accounts for phased development.Also, even though you're outside city limits, keep an eye on county regulations.

It protects both you and the tenant, ensuring their personal belongings are covered in case of accidents.