:) Make sure you sign a contract for WAY more than you're worth and then eat your weight in Sour Patch Kids.

While insurances can do the same thing for a single-family residence (I live in Galveston so I understand your pain of having liability, windstorm, & flood), you at least have the ability to lessen or remove insurance once the property is paid off.

People will call you and ask if you're a property manager because it will look very nice.I think the question that holds alot of weight is....

May want to have an attorney send them a note prior saying we have tried this and that and you are not talking to us and according to the lease we are going to post notice blah blah, but that coming from an attorney will carry some weight with most people. 

Like a good real estate agent a good insurance agent is worth their weight in gold.

Those that I've seen are worth about the weight of the paper at a paper drive for some school fund raiser.

Each investor has to weight the risks and rewards to see how much risk they are willing to take on. 

Will all the distributions be equal to the membership interest or will it be weighted based on other factors?

it is heavily weighted i the lender's favor, and you want to make sure you don't end up having made 2 years of payments only to lose it at the end.

You can always refi to conventional, which you may want to do regardless to remove or lessen PMI.