We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

I have a one page lease addendum to cover this, that is executed with every tenant and every lease.

My general contractor told me to charge her a $400/month pet fee for four months –which would allow me to save up $1,600 to cover damages- and then give her 30 days notice in May when it will be warmer and faster to fill a unit.

@Michael Fucillo haven't played with RentVine also.Would recommend Buildium for what you need as it covers all the basics.Everything else is more geared to managing for others.

My goal is to live in the home during the winters, maybe 3-4 additional weeks for vacation, then rent it out to help cover the mortgage the rest of the year.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Lower property taxes, affordable housing compared to LA (CA buyers are usually cash buyers because what they net from their smaller home in CA can get them a bigger home here, often covered by what they net from their CA sale), allergies (smog), and politics. 

Or maybe the units aren't equal and one rents for $2800 covering most of the cost of living there.