We have about $3,000 worth of just technology in place to remote monitor the home and safeguard it. 

You need to have certain safeguards in place and price the loan according to the risk involved.

We really need to come up with more safeguards and renters need to understand that if the deal sounds to good to be true, then it is.

If they bought short term treasuries the bank would have had a lower return using depositors' money but would have safeguarded those deposits.

Yep, that's part of the process because it's used to report rent payments to credit bureaus (if your Landlord does that) and safeguard in the event that an eviction needs to be pursued.

Part of it's intent is "to safeguard the public against deceit and financial hardship; to insure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equities for the homeowners of this state."2 of it's provisions are:1) a seller should be given the right to rescind the sale within 5 business days after the signed contract, in writing. the law specifically states, "Until the equity purchaser has complied with this section, the equity seller may cancel the contract."

I would focus on the liability side of insurance and you may even get supplemental umbrella insurance to safeguard your liability. - Yes, you should do your own background verification of the Tenant, do no rely on ANY background verification, credit reports, etc. provided to you by the Tenant directly or a background verification conducted by another company with no connection to you - different companies focus on different things when conducting verifications - you will be focused on qualifying this person for housing not a new job, which is completely different. - For furniture/other items: Make an inventory list and have the Tenant sign it before moving in.- Yes, you should include all these items in the Lease; You should not accept anything less than a one (1) month deposit, it is your security.

I want to make sure I’m setting up my LLC correctly and properly safeguarding my personal assets. 

You can build in safeguards without 'dumbing down' the property. 

When no contingencies becomes the contingency, it's an attempt to take away the normal safeguards in a real estate transaction.