In addition, I use my state's free court website to additionally check the applicant's background so that nothing gets missed.

Additionally, being aware of your legal rights, trying mediation to resolve conflicts, and not being intimidated by court disputes are essential steps.

But then again, I've heard that as long as you keep everything up to par with the llc's basics  (separate bank acct, current llc status w state,  properly funded,  no co-mingling, etc) it holds up in court even if single member.     

As a Realtor, I know I could actually legally take them to court to get them to close, but it wasn't worth it obviously.

Set up the LLC business bank accounts.Moving to an LLC increases costs, work, and complexity.

While it may only cash flow a set amount each month, don't forget that the principal on your mortgage is also being paid down and (in the long term) the value of the complex is going up.Are you able to invest that money elsewhere (factoring in cap gains or 1031) and do better?

There is a lot of commercial development happening all around there - Indy 11 complex, 16 Tech, Hospitals (Community is adding 900 beds), Elanco headquarters. 

By staying committed to your goals and continually expanding your knowledge, you can navigate the complexities of the industry and achieve lasting success.

Since then I've begun to use the rent collection portion as well, which removes yet another layer of complexity!

The issue you may also run into is from a tax perspective, but I am not the expert on that.This seems too complex honestly and one of those, you cannot figure out what could go wrong until its too late scenarios.