I would like something more explicit that discourages things like psychic palm readings, private piano or belly dancing lessons, massage sessions, hair and nail services, baby sitting except for friends and family etc...(2) Late fees and other charges.

Here's a very basic explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

If a property has a big enough margin, that juice might be worth the squeeze.   

Also there were also plenty of sponsors who bought thousands of units and still went belly up in the great recession. 

This would juice the return and provide further credence to any Management Fee or Promote you are charging your investors.

If you have an expensive personal residence with a lot of equity you can hold that in a trust, but for most people its better to focus on getting a few deals done to first create some net worth before asset protection becomes a thing.You see that all of these tools have a down side (time, cost, energy) and you have to decide if the juice is worth the squeeze.

The juice aint worth the squeeze.

Talk to him belly to belly and be humble.In the meantime, get a grasp on what insurance you have on this and every property. 

Perhaps to most realtors this is a brilliant way to do business, but it seems like when the seller and buyer agree to price and terms and the contract is there ready to go, you give it to your client to sign, not start calling around to juice up the price and sit on it.

@Christopher Stanis- thanks for getting the creative juices flowing!