@Amy Perry what are you plans for the place?

So excited to have my first property and I plan to hold for the long term.

If you plan on being a buy and hold investor then you should be prepared to handle capex events on all of your properties.

I plan on doing more research on Bigger Pockets, but any overall advice is great. 

We are definately planning at refinancing as the next step but need to resolve the partnership before that.

if you plan to use it as a 2nd home as well as lease it out, conventional loan will allow you to just put 10% down. 

Yes a judge can still proceed with the sale even with a suggestion of BK and the only way a judge can stop it typically is if the borrower files a temporary restraining order, which lasts 15-30 days and must be a valid reason - the reason of "I am going to file BK" is not a valid reason to give a TRO as the borrower can file BK and then has time to complete submitting their plan. 

The general issue with accepting a partial payment is that unless there is something in writing to the contrary it can be seen as evidence that a payment plan was made between you and the tenant.

My friend and I plan to partner up for this REI journey.

Make a plan and work it.