Include an exit strategy, tax planning, and insurance to protect both parties.

Generally speaking, my landlord-tenant attorney encourages use of these forms rather than writing up a custom agreement.

Set up an LLC in the property’s state for liability protection, and consider a parent LLC if needed.

There's no way to guarantee things won't break, there are only ways to protect yourself financially so you can replace those items.

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate) AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC/ LLC taxed as an S Corp, or an S Corp.

I agree with complications of ownership when it comes to Land Trust, and it also does nothing for asset protection. 

That means, when they are damaged it doesn't eat up the whole security deposit leaving more money to cover other damages better protecting me. 3.

We plan to remove them all to protect from tax increases on our current primary, but I am afraid that now that the other properties won't have homesteads, we may see skyrocketing tax bills and it will eat into already small cash flow from rental income.Does anyone have advice for how to handle this situation other than just increasing rent?

At the same time, they have heard from communities and citizens negatively impacted from STRs and want to "protect the sanctity and right of owners and residents" in their communities. 

IE you walk into a branch and its rare there is any customers in it..