Unless you’re slumlording it, or in larger MF properties, the hassle of managing multiple LLCs is usually not worth the risk protection.

So this is directly from the City of Minneapolis website where the Renter Protection Ordinance was passed unanimously by the City Council and will go into effect June 2020.  

On the flip side, the units do offer some protection against large expenses that can pop up: roof repair, plumbing, foundation, etc. 

I was reading in one of Brandon Turners books about how he will only purchase a property for 20% less than what it’s worth in order to protect against a market crash.

Any objections based on the economic environmental or the individuals portfolio makeup or risk tolerance I tell them I’m not a financial planner, financial advisor, or wealth manager,; I’m a real estate specialist.

That would protect the remainderman from years of delayed maintenance, unpaid taxes and whatever else.  

Your CPA is correct - one of the best asset protections is an LLC

There are certain protections and tax benefits that you might want to take advantage of.As for a contract... what @Mark Durham said.Good luck!

Then you take into account who holds the deed on the property(personally or in a business entity) and you are looking at protecting your individual assets or your investment.

This is their protection against borrowers who default.