You are marketing a deal that isnt really protected in anyway and could be stolen right from under you.

@Garrett Brown   I am going to focus in on this from your original post: I think identifying these markets that have a history of vacation rentals (so STR regulations are not worried about) If you believe a particular municipalities history of vacation rentals protects you against STR regulations you are mistaken.

The property manager has a legal responsibility to protect your interests.

What scared in the article is the mentions of personal financial risks, LLCs not really protecting your personal assets, the amount of investors filing bankruptcy , social threats, scams, etc.Is this article over blowing these facts, trying to sell REIT ?

Just type "LLC asset protection insurance" in this forum's search box, and you will see dozens of threads on this topic. 

Have a candid conversation about how he plans to handle representing both sides and ensure you’re protected with things like a solid inspection period and contingencies.

., a one-time reduction) without admitting fault, which might maintain a positive relationship with the tenants while protecting your interests.

Land trusts provide excellent anonymity and then your LLC should provide the protection you want.

I'm really more interested in the protective lien. 

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.