I ask this question because I suspect at least 90% of people who post on BP about entity formation or transferring properties from their personal name to an LLC cannot articulate the risk they believe they are protecting against.

Our private covered dock and lake toys are a bug draw for us in the summer months.Multiple people have said they love the pool table.In our bigger cabin people like the large game room, movie room, custom covered firepit and hot tub.

At the core of all businesses is the customer.

I hope you have a strong relationship and trust with this partner, or have some sort of lien against the property to protect your interest.  

Do not believe the lie that you can adequately manage your vacation rental with your iPhone and some far east "customer service agents" to take the occasional phone call.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

For example, at one point I talked with a lawyer that thought an 11 month lease would better protect the landlord and the tenant from some of the changes to the new eviction requirements.Best,Eric

For example, RentRedi gave us some trouble in refunding a tenant's security deposit and the customer service representatives also notified me that there is currently not a way to refund a tenant's security deposit after 6 months once the deposit is made which concerned us with long term tenants. 

Relying on a home warranty = bad customer service to your guests.  

Terrible software, terrible customer service, and terrible company.