(Pre-foreclosures are the steps before the auction at the court house door.)I am told, by reading about foreclosures in Florida, that almost all are judicial.

I also did a number of things around getting better leases created, purchasing a property management solution, formalizing a business plan, etc.  

It sounded like the garage was a bonus not formally in the lease.

The home has a formal living room, 2 family rooms, and an office.

The home has a formal living room, 2 family rooms, and an office.FURNISHED:The residence comes complete with a master bedroom featuring a king-sized bed, two bedrooms each furnished with queen-sized beds, and a fourth room equipped with two twin-sized beds.

Well, it depends a lot on how much your tenants care about their Credit Score.Sadly most Collection Agencies I've worked with tried to "make a quick buck" meaning use scare tactics to make the tenant pay before formal litigation.

Armed with $45k, explore opportunities judiciously, diversifying strategies for optimal returns.

If you are new and do not have much exposure it’s a formality at this point you have minimal at risk.  

On the other hand, establishing separate LLCs for each of you, along with a formal agreement offers greater asset protection and flexibility.

Do mid term rentals listed through airbnb still need a separate, formal lease, similar to how a LTR would be set up.. or is the airbnb booking enough and provide enough safety to the landlord (e.g., tenant doesn't pay, destroys property, etc.)?