Form a LLC if you believe you will sleep better at night.

Well, I just won't get a wink of sleep tonight worrying about that now!

Use that as a starting point and then add more as needed.Remember that this is a tool to help you get your values correct and offer a price that will allow you to sleep at night.

I sleep very well knowing my properties are being handled by a total pro.

These properties are also designed to maximize sleeping space and provide high end finishes and many times balconies, patios, rooftops, etc that Airbnb guests all love.

Confused, I ask her what she means and she said, you advertise it sleeps 8 but there are only beds for 6. 

@Eddy Dumire maybe you just flip it and make a quick 10 to 20k and let someone else have the Joy of being a landlord in a ( as you describe crappy hood)  your wife is happy your happy you made money.. nothing says you got to keep these things... best of both worlds.there is a reason there is so many low end rentals to choose from.. burnt out landlord syndrome is very real in these areas.. people just get tired and finally give up.its that live well sleep well theory... plus you don't get shot or mugged

I would sleep better at night knowing that any major repairs would be fully covered at night (less the deductible).  

Knowing we've prepared for the worst and in the worst case, we will make money, makes me and our investors sleep well at night!

It will be wonderful to be able to go to sleep at night and not wake up at 3AM with my brain making up a Honey Do List of repairs to do in the morning.