May be I am being over cynical, but I have mostly seen pools as a liability in our rental market.You should be confident of your liability protection regardless of the pool/cesspool.  

The mindset to protect the property from water damage is common sense unfortunately some people don't care.

Here is a list of due diligence item I use on my MHP investments:Check zoning and permitting compliance (city zoning)Check local law compliance (with Sherriff and/or Police)Search City Council minutes for any adverse mentionsCheck with State Department of Public Health's Division of Community Environmental Protection (CEP) for compliance violationsCheck with property neighbors for any disputes or pending legal actions Water - Check with water provider for any open or recent issuesSewer - Check with Sewer provider for any open or recent issues or complaintsElectricity - Check with electricity provider for any open or recent issues Rent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 yearsGet last 2 years of Profit and Loss statementsGet last 2 years of Tax Returns for the LLC/Park12 months of Bank Statements for the LLC/ParkCurrent Accounts receivable statementsBuild proforma for next 5 years using rent roll and expensesGet owed taxes to City/County/Local govGet Insurance Quote of commercial liability insurance2 years of utility billsProperty Tax bills for last 2 years List of park owned home including copies of “rent to own” or sales contractsGet list of vendors and contract status for each vendorTalk with on-site property manager regarding issuesConduct Onsite Property Visit with property managerSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc.

See if the store is comfortable with goods outside on display for sale (to be brought into the store to pay for).Try to stay long enough to get a good feel for the customer base--because they will probably be reflective of your own if you buy there.Are you comfortable sitting in the parking lot at night, unarmed, or do you wish Dirty Harry was sitting next you for protection?

So with that in mind, I'm looking for any suggestions on how best to handle inherited tenants with the below end goals in mind (in order of importance):Protecting my investment and cash-flowServing the tenant wellTreating the seller fairlyHere are the questions I have... 

So you are limiting the total risks to one box at a time.Insurances, asset striping and entities are all complementary but not similar asset protection tools. 

We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

How do you protect yourself in a lease option transaction when you are the buyer ?

I've heard different things about LLCs but one important positive is that they protect you.

But he did let the trees and bushes overgrow the front of his house, so now all the windows are protected.