BTW, most people don’t realize it but loan officers at  nat’l banks don’t even have to have a mortgage license, they operate under the bank. 

They will reconcile bank accounts tho.

So I got the mortgage under my own name.Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.My questions are:1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?

Shop around to local/regional banks and credit unions.

I do not know what the partner is willing to take for his interest at this time, but I think he is trying to replace the worry and stress of ownership with a lump sum in the bank.

Might just the be bank trying to gouge you. 

I am curious to see how banks will be handling these notes with non-recourse when foreclosure comes.

Its in their interest that you succeed and not fail. 

HelloFrom what I understand, with no experience in real estate investing, mobile homes only depreciate and that banks don’t see them as having any increase in value after repairs.

However, they need something in writing stating you will be charged if you fail to turn in the keys.