A reputable and experienced property management company will often present additional terms that require the tenant to obtain renters insurance and that the landlord be named as an "additional interest" on the policy.

Oklahoma City agent and property manager here.

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

The LLC structure gives more control to manage the tenants if I remember correctly.  

I’m a local real estate investor, broker and property manager in Biloxi!

Give them 1098 and property management reports (if you aren't self managed) and that should be all they need.

We listed on Apartments.com for their management tools (saw it recommended in a thread on here).

No managing your own 2 properties is not property management experience.

Make sure you manage this well in the future!

If you can manage 80% LTV you can cash out refi with Fannie Mae with better rates.