It may also help keep the litigation target off your back.As always, check with your competent legal counsel--not all attorneys speak fluent "trust function and formation".

Fix it properly, then rent it out to a highly qualified applicant. 

Maintain proper records, such as contracts, settlement statements, and promissory notes.4.

Other ideas that have captured my attention are finding a 4 bed/1.5 bath house that has room to add a stand up shower to make it a proper 4/2. 

Make sure your LLC is set up properly, and consider hard money lenders for more flexible options.

The tenant actually just moved in and per the lease they're responsible for washer and dryer, but their installer couldn't install the washer due to the non-functioning drain pan. 

As someone who lives in Dallas proper, and gets good natured annoyed when some one who lives in Plano says they live in "Dallas" they places you mentioned would make folks who live in Prosper blush (40 miles from Dallas) blush.

Exterior structural, structural, functional, cosmetic. ( some variations, but generally true)

Sure there is a very small chance that something will go wrong, but with the tightening rental laws spending a little on a proper lease is smart.

While all the posts have at lease some legitimate points, I personally believe camp 1 is missing the opportunities present to protect assets under US law mostly because they don’t either understand asset protection, or don’t want to bother with it, so rather than do a proper evaluation they dismiss it as something that won’t work to justify their unwillingness to entertain the idea.Camp 2 is deluding themselves - which delusion has been enhanced by charlatans writing books, giving seminars, and selling packaged plans all of which either attempt to hide your assets or hide the ownership of your assets.