It depends on the number of Units, Residential or Commercial, Apartment Complex or mix of Single Family and Multifamily.Under 25 unit  - Tenant Cloud, RentechUnder 100 - Then Doorloop/Buildium.100+ - AppFolio, Yardi, Rent Manager.Apartment Management : Yardi seems to be wildly usedSingle Family ( Mixed ) - AppFolio seems to be popularRent manager has a good customer support team.

You can create customizations based on what you want to have your average pricing at, set min length of stays beyond a specified # of days, etc.

Having an operating agreement with protections for you are essential, and making sure to run good numbers and having a solid plan in place are what you'd need for this to work out.

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.

How do we ensure we are protected?

This will protect you in the long run! 

What is lacking is protection from a sudden surge in inflation - or devaluation of the dollar.What I try to do, to get the best of all worlds, is I have 50% of my portfolio in performing notes, and the other 50% in real property. 

To protect my investment I always get a Home Warranty for rentals.  

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.

That said, they have more incentive to chase big accounts and those of debtors who have significant assets to protect.