You have made me a true believer in investing in real estate after nearly 30 years investing in stocks with an XIRR of around 17% over the past 13 years. 

I believe the best way to learn is to just do it.

As Jason said, the owner will be the insured but I believe you can have you and your wife named in the policy as well - additional insureds or interests.

His take is most heirs are more than happy to sell to him and be done with it.I haven't check the bankruptcy aspect of NNN leases, but having been in the credit field for a number of years, I believe if the lessor declares bankruptcy, it does not negate the lease.

I spent two summers painting houses and apartments and gutting houses so I am experienced and confident in that aspect, I believe that myself (maybe along with some friends) can do everything that a rehab would need but some in depth electric work.

Depending if you have enough time before the sale, you could sell one of the properties that you believe you can recoup the $200k - even if that means selling at a discount to obtain the cash quickly.With that cash, you can pay off the other liens and still keep the 5 of 6 properties. 

I don't know what to believe because I've seen both where it says "yes they do require it" and "no FHA doesn't require it, but your lender might." 

I believe I’d leave 10% of the selling price until tax time so I wouldn’t be able to do a lot of flips in a year.

Florida I believe is one of the states with no income tax so you might want to look into the LLC filing requirements there if they have a franchise tax or business tax or something similar. 

I have some great kiddos that have been instrumental in completing home improvement projects in the past and I believe it’ll be an easy transition into helping them become more financially conscious.