I'd like to set it aside in a money market savings or CD for the time being.

There is no set answer but what you can handle yourself. 

I have to set boundaries and limits so I don't over play: lol.

We were set to close on August, 30th but couldn't find an appraiser in time.

But not every entity is created the same and not every coop is set up or dissolved the same.  

Would like advice on how the tenants should pay the rent and how to set it up.

I will research, manage, and work on the properties myself (He is in another state entirely) so I was hoping to find out how some of you have set up this type of arrangement in the past.

Being new to the area, I am not sure which are the wisest areas to pursue, so I welcome thoughts on the best areas to invest, or more broadly frameworks about how to think about a good deal.I am also interested in advice on the basics of setting up an ideal REI business practice.

Also if you have a lease agreement set up you can use 75% of that income immediately towards your income.

@Jeffrey Evilsizor if the policy covering the property is in your personal name, and you set up an LLC where you are 100% owner, I have a hard time believing the insurance company will come after you.