@Emily Poerio, since you're beginning this journey, beware of the overly complicated entity structures some attorneys say you "must have". 

That's interesting that your attorney advised that you go with weekly rental collection. 

The property may be deteriorating as the debtor delays and as his attorney stretches out initial court hearing (in BK court) for 6 months.  

@John Malone are you a tax attorney?

You should consult a local attorney on how to resolve your court case.

I’m also exploring opportunities in Dayton and Northern Kentucky, so if anyone is active in those regions, I’d really appreciate your insights as well.A bit about me: I’m an attorney by trade but also work in the real estate market.

Used a local attorney to handle the closing docs for a lower fee.

If you do a deal without an agent that has a fiduciary duty to you, make sure your attorney prepares the purchase contract.

To address this, request documentation, update the lease, address rent payment, consult an attorney, and maintain a positive tenant relationship by communicating clearly.

Check with your local attorney/title company as many times you can void your owner's title policy with a quit claim deed.