Warren Buffet said the most important part of investing is to protect your principal. 

Protection from lawsuits is a big item to consider as well, especially in higher price range properties. 

This allowed us to maximize revenue and occupancy more effectively.Safely Insurance: We also decided to use Safely Insurance, which provides comprehensive coverage for guest damages, liability, and protection beyond what Airbnb or Vrbo offer.

Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

@Paulette Midgette I haven't looked at that statute in a while but I would check to see if the Home Improvement Consumer Protection Act ("HICPA") applies to this situation.

What many investors do is that they will purchase a handful of REI props in one market and then move on to their next/different market to diversify their portfolio and for added asset protection. 

I don't know which nearby state you're considering (PA is probably the most attractive) but local municipalities will sometimes enforce extra red tape and/or protections for tenants beyond the state-norm.

My plan is to diversify my syndications by finding similar players in other good locations.

You have to protect your assets and your family.Yes to all over 18 years old.

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.