Overall; check with your bank first for a free option like Zelle, then move onto setting up with a third party player like ZenLordPro (there are numerous rent colleting apps, this one is just pretty easy to use) and you're thinking along the right lines in setting up electronic payments. 

During times like these and what everyone saw were companies, no matter what industry, protect their losses on their P&L statements.

And 36 Other Key Financial Measures, Updated EditionZeckendorf: The autobiograpy of the man who played a real-life game of Monopoly and won the largest real estate empire in history.Landlording/Managing PropertyAsset Protection for Real Estate InvestorsBuy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made SimpleEvery Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-OutEvery Landlord's Legal GuideLandlording on AutoPilot: A Simple, No-Brainer System for Higher Profits, Less Work and More Fun (Do It All from Your Smartphone or Tablet!)

If you have hundreds of thousands or millions in assets and cash, then you would want to be careful and protect yourself. 

My best team player so far!

He paid.If you feel it's a legitimate threat, hire an attorney and let them protect you. 

An LLC isn't necessary but certainly recommended to protect yourself.Find a reliable cleaning crew and handyman, they are the lifeblood of your business.Also look into pricing tools like Beyond Pricing and Wheelhouse (you’re leaving money on the table if you try to do it on your own).Last but not least, research your competitors in the space.

We wanted to down size a bit since our children are getting older and a cheaper payment to protect in the future from any down turns in the market in which I work.

No fair housing issue here, unless of course horses become a new protected class.   

Making the Landlord sign it does not protect the PM from liability. in fact, no matter who signs the contract, the PM is liable for actions of the owner and vis-versa.