Just for the record, I would not advocate the practice of not obtaining property releases, especially when shooting on private property. Like you, I think there are a lot of unknowns and potential liability from issues we rarely think of such as plain old negligence on the part of the photographer.
The original post, however, deals with a much different situation. He seems to have the support and permission of the location owner, but wonders if owning something like a dog also conveys the right to control images of the dog and commercial use of said images. While it's often not difficult to get a release from a property owner at the same time you received permission to shoot on the property, it is not always easy to get a release for every object, such as a dog, in the photo. Especially if the value of the photo is not clear until long after the shoot.
You have suggested that ownership of the object conveys the right to control commercial images of that object. I wonder where that right comes from and what the owner's legal complaint would be when the perceived right is stepped on.
My practice regarding releases is based on quite detailed conversations with our company's lawyer a few years ago. He introdiced me to the idea of "conversion" as a legal concept, and saw it as a real risk for commercial photographers and film makers. (Conversion is also mentioned in the ASMP article you and I have both referenced.) It's essentially the idea that I may not make money using something of yours without your permission.
So maybe that right comes from conversion. The above definition (making money from something that's not your) is not a particularly good definition of conversion. One of the key ideas behind conversion is that you deprive the rightful owner of use and possession of property. A photograph of an object does not deprive the owner of possession of the object. Still, Prosser in his exploration of tort law has this to say about conversion:
"Highly technical in its rules and complications, perhaps more so than any other except defamation, it almost defies definition"
So there's clearly room for disagreement. I am clearly not a lawyer and it seems you have the advice of a lawyer telling you conversion is a possible risk. Obviously you should take their advice. But if they were my lawyer I would ask what the owner of some property would need show to make an even moderately plausible case for conversion in the case of a photograph.
I would also ask about this case:
https://casetext.com/case/college-of-charleston-foundation-v-ham where the property owner's suggestion that commercially exploiting a photograph of private property constituted conversion was handily shot down by the judge. It's a good read if you are interested in this subject.