From the liability/asset protection side always use licensed and insured vendors, build out a robust contract management system, make sure the owner is always listed as additional insured.

Although, they are based on taxes owed and can be reduced along with the strategy if your liability is sufficiently reduced.

That is how Airbnb began, but not something I would personally touch just for the liability aspect of it.  

High efficiency appliances were utilized including HVAC, light fixtures and water heater.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

I’ve heard there can be liability issues with having a pool at rental property, and that insurance companies don’t cover rentals with a pool.

I have US Coastal plus a great liability policy.  

To set up your LLCs for tax efficiency and asset protection, consider forming separate LLCs for each purpose (Investment, Property Management, and Short-Term Rentals) to limit liability and manage tax implications.

Thank you,Nirav Since you already pulled the trigger...and are a limited partner...this means you have the benefits of that (i.e. no liability beyond your investment) in exchange for generally having no ability to vote or have a say in how the investment is managed. 

Do we need to get workmen compensation or other liability insurance?

I just make sure I have plenty of liability coverage and talk to my insurance broker about any additional coverage that could protect us.