It seems to say that one of the things a security can be used for is "The compensation of a landlord for a tenant's default in payment of rent. " What do you all think?  

That way you are compensated if you are dealing with checks.

I have met several victims of these types of operators.these people are not harming me they are harming the public.

Absent this clause in the lease they owe until you find someone but really that doesn't seem fair to compensate me for my time.  

It will be easy to show PM was compensated for placing the tenants   It will be easy to show PM chose to terminate the relationship with you.  

3) What happens if one of you drinks & drives, killing someone and getting sued by the victim's family?

With that said, if it took a few extra days, so be it in my book.  2 -3 extra days in the house isn't any nightmare situation in my book and ideally you would get compensated through additional rent.    

And if you build a portfolio of rental properties, chances are that you will range from somewhat active to very active; so the theory of living off your passive investments goes out the window.Also one needs to come to terms with(1) nobody, no manager, no advisor, nobody cares as much about your investments and your money as you do(2) the dedication of anyone who manages your property will be at least partially, if not significantly determined by their compensation, to the point where to get a dedicated, skilled, experienced, and honest manager you would probably have to give up a significant part of the properties cash flow.

This is to compensate them for their time lining up the bookings. 

I deserve to be fairly compensated for that.