In addition, bankruptcy stops all creditors from proceeding against the bankrupt. 

Of course, I would have to analyze all of your numbers first. 

When it's time to do taxes, I want to get all the rental tax benefits.

In my eyes, all of the same diligence is needed in regard to sponsor and deal(s), but add to that prior operations by that sponsor, current financial analysis, current valuations in today's market with very limited trades happening as comps, what the effect of waterfall and fees will have on that position once you take over, etc.

Logan, UT is only about an hour outside of Salt Lake and it is mostly city from Salt Lake all the way up to Logan.

Thank you all very good points.

Basically out of all the people that were interested, I have chosen the people I liked/trusted the most. 

As long as I keep track of what expenses belong to which LLC, is it safe to continue running all of the payments and credit cards through the holdings company and then just divvy it up during tax time?

So define what you find acceptable and publish it to any and all prospects.

I do my placements and turn them over at lease renewal time, but not many would want to do all the work.