It really depends on how you will be using the software; if it will be your management "hub" for all data and all communications vs more of an accounting software.

I think the best ways to protect yourself are probably an umbrella policy, your lease contract, clear communication with tenants, and quickly responding to emergencies that may lead to bigger issues.

The good ones get a premium, the rest are bad at communicating, have sub-par skills, or simply don't show up.

Communication is key for me and keeping an open dialogue with my roomates/friends.

Communicated some recommended suggestions to moderators.

Get clear on what your goals and expectations are and communicate them up front. 

@Evan Winterhalter heard Smartbnb is great for guest communication but not sure what other functionality it offers.

 hey bud, I apologize I am not communicating well with you.  

In my opinion, rate is secondary to making sure you get the RIGHT information from your lender regarding the process, they're communicative throughout the process and you feel comfortable with them up front. 

Contrary to popular opinion, email is not a secure mode of communication.