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.

Jersey Mike's does not want a Subway in the space next to them because they are both competing for the same client during any given lunch rush so every retailer wants to find the highest quality shopping center they can and protect their space by using an Exclusive Use Clause which, in this case, would give Jersey Mike's the exclusive right to sell sandwiches in the shopping center and gives them legal remedies should the Landlord lease to another tenant that sells sandwhiches. 

I'm not sure I fully understand what FDIC insurance covers, but want to make sure our money is protected from any fraud or cyber incidents while we shop for another house.

I appreciate any advice you could give.Hello, Using personal assets to fund your LLC is possible, but keep them separate for liability protection.

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.

So, how do you protect yourself if you have signed an agreement without a buyer? 

You want someone who's been in the business for years, working full time specializing in what you're seeking to do, because if anything goes wrong with the transaction or the house after closing, it can create friction if you think your friend didn't protect your interests.

please share any info on insurance companies that provide umbrella insurance for liability protection .

What if his tenant doesn't move out and it's a protected state like CA? 

@Jai JaniIf they sell and you have clear title and title insurance you should be protected but I also would run it by an attorney ahead of time as well.