The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

I know as the Lender, I always have the option to modify things but the NoD helps set the stage if the borrower doesn't act or respond in a way I feel is beneficial to getting the project across the finish line and me my capital back.     

Both times the owner's insurance company ended up covering us and NOT the owner (their client) and the owner had to pay our legal fees.Your PMC doesn't seem to be on top of this and you state is already blaming you, so you may need to document that they are the problem, not you.

So I feel like this part is pretty commoditized and doesn't save me a lot of time (since I don't use list that often it's not saving me tons of time).Are you doing any other automations that save you time day to day, or monthly?

The problem is the HOA doesn't allow VRBO rentals, only year long leases so I wasn't able to generate cash with this property.

A buyer might look at basement square footage as GLA and the house could command a higher price but with appraisals, it doesn't work that way. 

From the conferences I have attended, all I have read I think 3x rent is more common but that doesn't mean your PM is wrong. 

Thanks folks, it seems like overall it doesn’t make the most sense to start an LLC for real estate purposes due the cost and complexity, with few benefits here in California.

And I didn't even dive into the construction aspect and knowing what works and doesn't work for a chosen submarket. 

They know something everyone else doesn't.