It's not just from poor money management but what if he was in a car accident and couldn't work and was shut in a hospital.

Cheap money led to credit card, auto, and student loans rising to unprecedented levels right now.

I think your two biggest risks are if there was an accident at the property and the City shutting you down.

Jenn, all Umbrellas will require the Home and Auto to have high liability limits, like $250k or $300k. 

Next, I divided what was owed by the amount of time available and set up auto payments.

Which will allow it to cashflow a few hundred a month while I wait out the current owners (I expect I'll have control over all trailers within 2-4 years).Then I'll keep on buying other deals and put this one on auto pilot until I can either redevelop it or flip it depending on the market. 

If you're in a car accident, the property in your LLC will be protected from someone suing you personally.

or cant understand why the house is not spotless or why the folks don't have checking accounts to auto draft rent on the same day etc etc..  

If home is in a park, on rented private lot or on land where the home has not been deeded to real property, it would be treated like an auto loan, commonly known as chattel loans.

@Marisa Rowe  its generally the tenant base not the PM's  and this is something that many from OZ could not fathom.IE many tenants in the us have no bank accounts and will never have them and cant get them legally.. too many bounced checks. whereas in OZ banking is all electronic  think of the whole country getting payments like landlords get section 8 here.its all auto matic and happens on a specific day.. simply not the same in the US>  PMs in my mind are far underpaid for what they have to do especially in the C D class..