I don’t need to be one crisis away from bankruptcy.

What if the person declares bankruptcy ?

No bankruptcy cases.

I have gotten a lot of people with criminal records, bankruptcy's etc.  

He starts to spew hyperbole stating that we had bankruptcies and low credit scores and were low IQ people.

Bankruptcies emerge, starting with Lehman and multiple other major financial companies about to fail. 

And it will cost you more money to try to find where they are sue them for breaking the lease trying to garnish them if you can find where there jobs or ne jobs are located and don't let them file Bank Ruptcy on you that's a nightmare, than just re-renting the location to another tenant and moving on.

You'll also want to plan for things like death, bankruptcy, excess damage done by one of the parties...You'll also want to think about future generations, and getting split up down the road, or how it could be sold to someone else if someone gets in trouble and forced to liquidate and the remaining partners can't pick up the balance.

I'm new here and I'd like to know if I apply for a business loan and the business goes south, if I file for bankruptcy would that affect a rental property that I might have under a seperate LLC?

If you lose a tenant, you won't have to declare bankruptcy!