If you have the mortgage in you name, would the LLC provide any protection against a lawsuit?

A year ago my asset protection cost doubled over night.  

If I'm in your shoes (which I was a few years ago) I would recommend attending at least 1-2 real estate meetups a month to start putting yourself out there and networking with other players in your market. 

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.

In many cases right now, I am pleased if the operator stops distributions in order to build up reserves and protect the asset - as long as they are sharing the reasons behind it.  

I'm not saying to invest in El Salvador (I haven't researched it enough) but I think property rights need to be protected in two ways; from arbitrary government abuse, but also from rampant criminality. 

My recommendation is to protect that rental investment when you do find one, and hire a professional property management company! 

Otherwise, bite the bullet and pay the real players in this area for what they provide (Buildium, Appfolio, RentManager, etc).

The one strategy that works to get the beneficial financing options available through using a Fannie/Freddie type of loan while also getting the liability protection of an LLC is by the use of Land Trusts.

There isn't any equity stake to protect your principal capital investment.