You don't want to rely on a single large employer to the extent that if they close up shop the whole town goes bust.2.

And if so, what is the cost and prospect for collecting something, certainly not all, but something.My thinking is that if it shows up on their credit, it may hamper employment, car purchases, rental applications, education funding, etc and at some point they would need to pay me to go forward with some major life steps over the next 10 years.

.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

We are wanting to get back to being self-employed but are at a loss for what steps to take next. 

Usually, self employed hide money by not taking a "salary" but taking a "draw" / profit share.  

Both rental income and property valuation can be impacted by variables such as employment growth, population trends, and economic stability.Have a clear exit strategy.

@Art Giacosa What you are proposing is a more complexed entity structure than my past employer who owned a hotel portfolio valued over $1 Billion dollars.

State and federal and maybe self employment. 

And without a credit history . proof of employment , passing a background check to rent will be difficult

I convinced the powers that be at my Subprime Lender employer to stop making loans in Michigan about a year before the $hit hit the fan.