From my understanding they filed for Chapter 11, that would protect them from any creditor action, any foreclosure, etc.

I agree 15 years is not a long time but what is occurring is jurisdictions then pass laws to protect the low cost housing.  

The entity you select can impact everything from how you're taxed to how you protect your personal assets.LLCs are often the go-to for real estate investors because of their simplicity and flexibility.

Quote from @Alvin Sylvain: I don't know of any special protection afforded you by placing the property in an LLC.

Florida homesteads have no cap on the asset protection (I don't know Utah's laws), so for folks like surgeons, I would set them up with an equity line rather than a first mortgage.

Take your time and find one that you like and has good protection.

What's my best strategy here to protect myself and to assist with this connection?

Turns out, those special rules for 1031 exchanges in Oregon.. things like navigating tenant protections and timing constraints.. aren’t exactly set up to make your life easier.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

Pay special attention to #4 and #5.An LLC is useful for two things: anonymity and legal protection.