. $300 to form a native TX LLC - which itself has, from what I understand (NOT being an attorney), excellent legal protection. 

We've run credit checks and things look ok, but any recommendations on other contractual things to help protect myself?

I would emphatize, offer alternatives, maybe half rent and the rest deferred etc, but still serve a 5 day notice to protect your rights.

The upside to investors is the larger distributions and protection in any downside because it falls above the common shares in the capital stack. 

I use protection so that I dont need to use Plan B. 

I'd love to hear from anyone that has experience with this-- how should I be structuring my lease to protect myself?

When you read the differences between the two you could wonder why someone would use an LP instead of an LLC as the LLC seems to be better.For asset protection purpose, LP have a much longer history of case law that can be relied on, especially regarding charging order protection.

This has taught me what additional measures to take to protect myself when lending. 

These facilities are not being used due to government laws for shelter in place to protect them.

You probably havent been late paying your mortgage, but you can bet there is a first lien position on your property to protect the bank/lender who made the loan.