From my understanding, even though we are both responsible for any liability, it's not a 50/50 split (i.e. if it's a 600K judgement (in this hypothetical, assume no insurance coverage) and I have 500K in assets and he has 100K, it's not like I only owe 250K, the court would make me pay 500k right?

Nope, go ahead and take me to court (yet to happen, but very possible), its not worth my time to discuss.

And if you have kids, not just guardians, but temporary guardians like your babysitter or neighbor who can take care of your children while the long term guardian arrives, That way you avoid child services and the long court system.

It’s critical you set up each property individually, as well as a functional chart of accounts.

@Alex Lupo this is mostly a function of your market place.

If you use the forum search function, there's a bunch of posts worth reading with pretty extensive discussion on this exact question.The main options usually mentioned are Lead Propeller, Investor Carrot, or rolling your own.

Check precedence in your state... in Wisconsin, late fees will typically not hold up when trying to collect in court, if you didn't enforce them before.

., AZ, WY, LA, etc.)Your going to have to make a trip to one of 6 court-houses in L.A. county (depending on where you live) and view the court's bulletin board and look for Notice of Petition to Administer Estate publication. 

I did also read the tenants could be granted a hardship in court for an additional 30 days which I am praying is NOT going to be the case.

You may have to go to court to evict them.