You also want to make sure they have appropriate insurance and also make sure that you have adequate insurance also.We also check to make sure they have the required licensing that is required by the county/state.Theoretically, we should never have a turnover again.

I am working on a property in Houston that seems to be lucky enough to be in the way of any recent natural disaster. 

The company should stand by their product, but limit their exposure from acts of God and tenant caused damage, which should not be covered under a warranty for good reason: They would not be able to adequately forecast the company’s performance and overhead costs, which would impact not only their clients, but their employees as well.A turnkey provider that follows this approach is more likely to be experienced and built for longevity.3.

He seems a bit on the passive side, and I think maybe it's just not in has nature to be more aggressive with these type of things.

This includes hot or cold water, fuel, electricity, natural gas, and heat."

@Aaron T.What is important is the nature of the investment, and short term rentals typically considered 'active' investments, especially given the fact that you run BNB business outside of your tax deferred account.

This helps address exactly what you seem to be worried about – that the folks investing the capital are getting adequate reward for the risk they're taking.As to your specific questions:1) No, I don't think it's selfish.

Rather than trying to time the market or find the "perfect investment", focus on finding a niche that's going to provide enough cash flow to support the kind of life you want, in a manner that supports the kind of life you want.Buy something that cash flows, with long term debt (10-30 year term, amortized over 25-30 years) that isn't over leveraged (LTV less than 75%) and have adequate cash reserves in case something goes wrong. 

If the answer to question #2 is yes, would it just be better to ditch the LLC and make sure we each have an adequate umbrella policy?

You fear because, right now, it is something you haven't done, so your lizard brain will naturally panic because it doesn't know what comes next.