So I suggest really being clear about the "why" and the "what to expect" to keep these inevitabilities in perspective. 

Welcome to BiggerPockets.I'm a Realtor and Property Manager in NWI and IL if you need any insight from a Pro's perspective let me know!

A lot great advice, I love all the great input and different perspectives.

You have to look at things from the management perspective to understand this. 

It seems a little clunky from a guest perspective.  

Most of this is perspective.  

From my perspective, as a California litigation attorney for nearly 35 years, most folks completely focus on the wrong things, especially if they have never seen the inside of a courtroom.The op has posted from the perspective of a property owner seeking protection from tort type liability claims.

I'm myself a tenant right now and I see what are the pin points from the tenant perspective.

Personally, I would put most of it in passive real estate syndications - but I am a full time passive investor so that makes the most sense for me.The first decision you would need to make from my perspective is whether you want to invest passively or actively (your profile says rental property investor, so I would assume you are currently an active investor). 

For month to month we require a 45 days notice to vacateWe are often contact by perspective tenants looking for specific time frame several months in advance but we typically do not know if the current occupant will be vacating or renewing.