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.

Quote from @Pat Arneson: Yes, sometimes they have a ton on their plate and need to sell some off, and sometimes there is a better spread in their eyes wholesaling the deal verse flipping it.

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

While many of these issues are important considerations and should not be ignored or overlooked, there are other more crucial criteria that you must question and evaluate first.The critical risk criteria that you must review and evaluate prior to making your final decision on which 1031 Exchange Qualified Intermediary to retain includes, but is not limited to, the following areas:Technical capability of the 1031 Exchange Qualified IntermediaryInternal processes and audit controls to safeguard your 1031 Exchange funds and assetsUse of Qualified Trust Accounts or Qualified Escrow AccountsDecision criteria and guidelines for investment of your 1031 Exchange fundsProtection from potential errors or omissions by the Qualified Intermediary (E&O Insurance) Protection from potential theft or embezzlement of 1031 Exchange funds (Fidelity Bond) An experienced and professional 1031 Exchange Qualified Intermediary will understand these concerns and should be happy to discuss these crucial issues with you.

But if the lease terms are murky, if renewal conditions aren’t guarenteed, or if the airport authority could dramatically shift the deal down the line, then you should be asking for a discount..or at least some protective clauses in the contract.I’m curious... if you were to step into this kind of leasehold now, how do you think you’d explain the upside to your future buyers or partners when you eventually decide to exit?

But to my surprise I have averaged an occupancy from 87% to 97% from October to now It looks like in this final "slow" month I have a 97% Occupancy rate (just shy of 100%) which just brought a tear to my eye because I was so happy that the research paid off, if I went into this blind who knows what would have happened. 

Regardless of which state you choose, be sure to maximize your liability on your renters policy and get an umbrella - this will protect you more than any LLC will. 

I agree 15 years is not a long time but what is occurring is jurisdictions then pass laws to protect the low cost housing.  

With my condo, I believe because they can walk right out of the building to the slope, in many eyes it would out rank a home where you can't do that.

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets.