I bought a property in Houston TX and the inspection report didn't showed up anything.But when we started to fix, the Mold issue came and we had no other choice but to fix it. 

There are so many choices out there that you need to make, and you have to look at what you really trying to do with it, which is asset protection for your personal assets most likely.

Most people will tell you that your second choice can't be done, but the IRS has issued two (2) Private Letter Rulings on point where they did allow the taxpayer to build on property they already owned through a 1031 Exchange. 

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

However, for the strategy to be effective, clients must ensure that they meet all the IRS requirements, such as maintaining the short-term rental for a sufficiently long period and passing one of the material participation tests (e.g., 100+ hours of active participation).2.

I would be shocked if you evaluated this property honestly if it would be a high choice for a rental. 

Though not cheap, Perrysburg has seen consistent appreciation, making it a good bet for long-term growth.Investing $100K+ in Toledo:If you're putting $100K+ into one property, Ottawa Hills and Perrysburgwould be top choices for appreciation-focused investments.

SFH can have more value add options and choice of area to buy.

Normally at minimum an appraisal is required to verify the remaining collateral is sufficient.

Another choice is that you have the level of interest that should be expected at a 15% vacancy rate.