Get a RE attorney to make sure you are protected in the contract and no matter what the seller says about the upkeep, do ALL inspections and do not give anything away because you think they like you and you like them.

I hear it helps protect personal assets, but they can be pricey as well.

Relying on a PM to protect your investment is just too risky in my opinion. 

That type of coverage will almost certainly protect you from almost any type of lawsuit. 

I want to receive the tax benefits and protect myself legally and financially.

Initial tenants were all students, so I used a co-signer agreement for parents to protect against non-payment.

Looking for tips and creative ways to protect yourself when tenants don't give enough notice. 

The money would make no difference to me if I knew going in I would be well protected.

Also, what sort of liability are you trying to protect yourself against? 

May cost a little more, but hopefully protect your.