Our 4th Amendment Rights as landowners protect us against regulatory takings and that is why lots that were created prior to zoning or zoning changes are typically grandfathered.  

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.

With some humility, I’d like to say it’s keeping the finances separated/organized and liability protections, or everyone’s favorite question… do I need an LLC?

Many people in consideration of #2, take steps to protect the assets so that Medicaid cannot take those assets like a home.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

These types of agreements can get a little in-depth, but that is what you want for your protection and that other partner.

They'll fight tooth & nail in court to keep a full accounting hidden, even to the point of claiming protected work related.

A lawyer might be able to answer this better, but most rentals fall under fair housing laws (there are exceptions) and that protects against discrimination based on familial status which means children or someone who is pregnant.

So to protect our cash we also need to be in a position to close on the underlying dirt.. 

If you do, work to protect it!