Both options have their merits, but with the market fluctuations and my unfamiliarity with the area's real estate landscape, I could use some insight. 

@Ranier Moore All properties should be viewed independently and for their own merits.

"The attorney said so..." is NOT a reason.Although your structure will buy you some time, if the "frivolous" lawsuit has some merit and possible $$$ behind it, an aggressive attorney WILL force you to respond.

People come on BP and bash providers all the time, sometimes with merit, sometimes without.Not providing an explanation would certainly speak volumes though.

Alot of the other advice has merit but there are way to take care of all those things remotely if you put the systems in place.Hope that helps.

Oklahoma, specifically Tulsa seems like it may have some merit.

That's what i call critical thinking...My liberal arts degree had some merit, afterall. 

They are both have their merits and downfalls.Here is the simple truth, it would take roughly the same amount of rentals, with a few exceptions.

I wonder if that would merit a Change of Accounting Method filing.  

It's also why I avoid buying on executory contracts unless the context of the deal merits it; for example - I don't buy on an executory contract if it's a preforeclosure situation where the seller has a lot of history of liens and judgements.