A bit more about us: we run an event based videography company specializing in Ice Skating/Dance but are branching out into wedding and commercial work as well; I have been a career bartender for the past 8 years and I am a huge nerd about food/beverage/hospitality.

There is a wealth of information, that just helps you keep a tab on current events.

Agreed, the best resources for learning are podcasts, books and local networking events. 

So your stuff is covered in an unlikely event at the rental property . 

Look up the event section of BP.

So my question for future protection is in the event this balance is very high and I don't want to be stuck with it. 

Check out the BP Events page.  

I'm not opposed to S8, however I would want to ensure the tenant still meets my criteria.I agree, credit scores do not tell the entire story and an established employment history with a good employer reference usually does the trick. 

It sounds like you've already got a good start and done a great deal of research.A great place to start is https://www.biggerpockets.com/forums/521-events-and-happenings which you can use to find like-minded people in your area.You'll find some helpful tips at https://www.biggerpockets.com/starthere.

Converting that property by changing the use of it does not create a taxable event.