But i am very happy with the downside protection it provides.

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.

Luckily I didn't because it's great now...but I didn't know that at the time.So I'm going to push back on the numbers people and say I don't think you're looking at the big picture and I also don't believe your numbers protect you from failure or guarantee success.

Also, if your state allows it, add a clause in the lease and attach a fee to protect you if they leave without notice. 

As others have mentioned they will be putting a lot of time and effort into this so it is important to have an agreement that protects them as well and allows them to do their job.

I use a channel manager (OR) and it has damage protection built in.

It just shows up on your schedule e like a regular property.Other benefits are: limited liability/asset protection, reasonable minimum investment ($100k usually).Note that these do have risks just like any real estate and they are only available to accredited investors.

I agree 15 years is not a long time but what is occurring is jurisdictions then pass laws to protect the low cost housing.  

It's been a frustrating experience, but I knew it was necessary to protect the property and move forward.Amid those challenges, I also started a kitchen renovation in my unit.

Rick, Your property is your business, and every decision should protect that investment.