When you said rural - how rural - I'm in the process of needing to provide adequate water supply for fire prevention in a rural area and it's added quite a bit to my budget. 

I appreciate your concerns...I pray often but usually its for sick friends/family and not for being sued :) One mans perspective and I feel all my insurance policies provide adequate protection.

In order to hold water, it should look and operate as a real property management company:have adequate resources to manage propertiesbe formally engaged by property owners: contracts, conditions etc.be financially profitableactually channel all documentation and management activities thru the company and not the ownersmaintain professional bookkeepingprovide regular reporting to ownersissue annual 1099s to ownersmake its services available to the general public (not required, but highly recommended)etc.There're also disadvantages such as exposure to self-employment tax, need for a strict money separation and the expense/hassle of a separate LLC and a separate tax return (again, not required but highly recommended.)In other words, if you do it - invest the time and effort to run it clean and professional.PS.

Just out of curiosity, what do you think is an adequate fee for something like this?

They will know the law, possess vetted paperwork, and should be able to adequately protect your lender.

We've used desktop Pro for years and find it more than adequately flexible for real estate. 

(Month to month in the US means the contract ends and renews each month so it can be ended with adequate notice.   

Adequate insurance coverage is all you require to protect your assets.

Painting in the lower bathroom could be from condensation from hot showers without adequate ventilation as well.

Cost to form, cost to maintain and state filing costs would far outweigh the relatively minimal cost I incur for umbrella insurance that more than adequately addresses my potential liability issues.