I will be closing on my first two family house so I am relatively new in the land lording business. 

In those instances, the owner can avoid all the bankruptcy related issues Mike mentions by withdrawing the bankruptcy, and you may find that solves that issue.

After analyzing properties you should get a good feel for what is possible, and what is a good deal in your market (it's all relative)

For example, I lived on plum street which is relatively deep for college kids (cheaper rent), and we had drug dealers 2 houses down, college kids next door the other direction, and hard working Hispanic group near one corner.

I wish you and your lovely fiance health, wealth, and happiness!

Of course depreciation on those properties would be relatively worthless to you, but run the numbers and if it benefits you more to have new investments in your retirement accounts you should pursue that.

Each time you create a new LLC you will need to file documents with the state which have filing fees and will need new operating agreements and related documents. 

There are additional rules relating to this, but that is the gist of it. 

Although manufactured home sales are not my niche in real estate investing, I wanted to welcome you to BiggerPockets.I'm sure that if you take advantage of the wealth of information available at your disposal, you will definitely find the answer you seek as well as other gems and nuggets as it relates to real estate investing.We are happy to help you in any way we can.So on that note, Crystal, welcome and I wish you all the best in your real estate investing career!

You not getting the rent on time has no relation to you being able to pay the mortgage.