A key wouldn't go a miss on the bottom of the screen

V=?
S=Select (you can select cars and tracks)
Q=?
M=?

V = Vote to kick/ban
S = Select track
Q = Qualify
M = ?

There is also P=Pit required.

i thought P = private/passworded ??

There are 2 'p's. The small one is for private/pwd, and the bigger 'un for an obligatory pit stop.

In the VSQMP abbrevs it means the latter, i.e. must pit-in during the race.

V - vote
S - select
Q - qual
M - Mid-race join
P - pit-in

Quite obvious when you think about it.
Vertical Speedsters Qualify Magnificently

P = pitstop required, does it not?

Big 'P' is forced pit, small 'p' is private host, I think

Private host is written right next to the server name in big capital letters saying "PRIVATE"

So the 'P' in the other bit must mean pit stop required.

listed as it is on the lfs desktop

-V you may vote
-S you can select tracks
-Q race qualify is enabled
-P private host
-R Host is connected to the InSim Relay
-m join mid-race allowed
-p forced pitstop

Added it to the wiki (I couldn't find it in there where I would have thought it would be).