I am at risk if something happens in the property but it discourages me from putting in a claim (which would cause my insurance to go up).  

Never heard of a performance deed.Maybe have them sign a Quit Claim deed to you that your attorney holds in case they stop paying?

I then contacted them and asked for a refund, which they claimed to not be able to do because of their policy, which covers them and allows them to do whatever they want after the initial 30 days is over. 

I have had good luck with Zillow, also there are insurance companies that love mid term for homes that have moved owners out for insurance claims.

They can claim it, but you cannot enforce it.

We wouldn't use it the field because of legality issues with claims they make, we use something a little much more concentrated, but it's great solution for someone who's trying to DIY it.Tests can be great to minimize the what IFs people have and to get a tenant to stop bothering you about it, we have worked with a number of landlords in the past just giving them information so their tenant had some piece of mind.

A lawn service will also be able to validate your claim that the tenant is not watering appropriately, making the fee of neglect all that more legitimate.

They say they will sign my lease and also sent me an addendum to sign allowing them to sublet.There are a few reasons why i like this option for this property, but im wondering how to background check the company and the individual they are assigning to ensure ill be paid monthly as they claim. 

If there is a claim, the plaintiff may attempt to pierce the corporate shield and demonstrate that the LLC was set up only to facilitate negligence on the part of the owner.

His primary mortgage was sold to a private lender in the early 2000s and he claims he had to give an explanation each time as to why he financed with a private lender with such poor reputation every time his credit was pulled.