Use that savings to move your family to a much more affordable situation.

However, if you're set on managing it yourself there's plenty of websites and apps you can utilize for rent collection.Some may or may not include messaging for requests such a repairs or maintenance, but if you're looking for rent collection there's quite a few options on the market that are affordable.

Housing affordability is definitely a hot topic in Texas these days.

Whatever you use, highest mil layer you can afford, 100% vinyl so that it's waterproof, use a good underlayment. 

If he is living paycheck to paycheck, he's probably better off paying off the mortgage (actually, he should sell the house and buy something more affordable and invest the difference). 

I’d buy there as much as I can comfortably afford regardless of MTR strategy.

If you did not and it’s unsecured debt you could be out of luck on some or all of the money as depending on his situation unsecured creditors in a bk may receive pennies on the dollar depending on what he can afford and if converted to a ch 7 you would get wiped out.Even in 2nd position he could argue the property is underwater and wipe out your lien.

If in a tenant-friendly state, the Payment Plan may make sense - but only if tenant signs document stating specific payment dates & amounts and can update their income info to prove they can afford the payments.

In my market you can get an additional unit for each affordable rent unit.  

Bad location= lose money and sell at a loss after a few years of frustration.