I think my attorney is giving me a little more, like audit protection or some such.

How much more protection are you really going to get from combo lockset & deadbolt?

A lot of people think they are protected from lawsuits with an LLC.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

It protects against claims that would affect the buyer's ownership. 

Because you are self servicing your loans most are not legally compliant with consumer protection laws and CFPB requirements such as sending statements on a monthly basis that have all the language the CFPB requires as well as each state may have additional requirements for sending out just a simple statement.

However, in my case, you'll be thankful they are well drafted so that Attorney can then protect your capital through default and perhaps foreclosure.  

You still need to avoid doing anything that makes it seem like you’re being discriminatory especially against protected classes.

This protects you from potential scams.

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.