We had neighbor that just wanted to cause trouble say she once found an old indian relics on the property and the county made us hire a company to determine that it wasn't an Indian burial ground.  

Since he has owned each property for a number or years, it seems that his long-term strategy has been to cut corners and avoid capital expenditures, betting on appreciation in the end.It seems to me that two of his parcels in particular would be excellent candidates to be torn down and replaced with high-end apartments or condos; the same thing is happening across the street with another, much nicer (but much larger) multifamily property.2, The second person Currently, I am building a mentor-mentee relationship with a local investor who has fix-and-flipped over 200 properties.

Your new costs will be either repairs or capital expenditures.

This is why its important to clearly distinguish your LLC as a separate entity from you by keeping assets, records, expenditures, etc... separate.I am not a lawyer nor an insurance agent.

Let's look at some definitions in general terms:Cap rate = NOI/Purchase(Value)Cash flow = NOI - Debt payments - Cap expendituresSo according to the formulas above, a high cap rate with low or negative cash flow can result from high NOI and also high debt payments and high capital expenditures.

Well water pumps have a typical 10-15 year life, so I would just account for the pump in your Capital Expenditure savings.

Why would you not want to accrue an amount of money for capital expenditures in your monthly operating costs? 

My question is what are effective ways to follow to minimize these huge expenditures in the future and how can I find those parties in the DFW area? 

I'm wondering if we should sell the 4 OOS houses in 2018 before capital expenditures start to hit and then roll the profits into a small apartment complex where we live.

@William S. while the increased rent is good, it requires a substantial expenditure.