I appreciate any insights or personal experiences you can share.

So now I have three rental units, plus I also rent out a spare room in my personal residence.

I am getting a RLI personal umbrella policy from an independent insurance broker.

I should point out that I nor my 2 partners have given a personal guarantee on the note. 

However, interest on the same debt used to pay personal living expenses, such as credit card debts, is not deductible.But, wait there's more... 

Additionally, if you choose to occupy your rental property, and need to get tenants to move out, you'll likely need to Ellis Act the property which you'll need to pay tenants upwards of $35k+ per person to relocate and will eliminate your ability to use it as a rental for up to 10 years.

Also, if you are using one standard set of criteria to review all tenants, both section 8 and non-section 8, do you require a minimum credit score?

Personally, I analyze the residential units as guaranteed income and don't look at the commercial space at all.

Great question 1)  tenant is a serial killer (or similar 2) tenant is psycho and tries to sue me personally thinking I may settle and avoid litigation fees.

If the trust is what is called a "disregarded entity" (meaning it does not have it's own TIN and does not file a tax return) then the activity of that property is reported on your personal tax return.