If I froze my student loans her income alone would just about cover all our expenses and I keep a 6 months emergency fund just the same.. so bankruptcy would have to come with extremely hard times that I may not have been able to prevent either way if it gets that bad

Use BP as a tool to find other investors, mentors, even agents and lenders that can give you advice and prevent you from making the same mistakes as others.

Is there anything I need to be aware of to prevent unforeseen tax implications down the road?

This means less demand for starter homes which prevents those homeowners from being able to "trade up".

Although there was not much I could do by way of prevention, my learned came from the experience and knowledge that I gained from hands on experience.

We'll charge from 1/2 to 1 months rent.We've never considered a security deposit as leverage over a tenant that would prevent them from trashing a place.  

Steve, you would need to review your LLC operating agreement to see if there is anything preventing you from buying portion of the LLC (in most cases this should not be a problem).

But from my experience, nothing that would prevent you from  potentially having a great investment.  

One major thing they are preventing is for us to get good pictures.

In Michigan, I think you must be licensed as a debt collector, per the following:https://www.insidearm.com/state-laws/Using a servicer who is licensed in that state would prevent you from having to become licensed yourself.