Mine was already separated so only had to worry about separating water. 

If there is mold, it will usually be A) on the subfloor exterior, joists, and insulation in the crawlspace, or B) in any areas of water damage/water leaks inside the walls, behind tile in bathrooms, etc.

Was having a fun, purely academic conversation with someone and somehow the topic went from the stock market, ETF's, to real estate, to BRRR's and either he or I or both us came up with this and wondered is this a legit strategy that others have used?

Anyone have a recommendation on a company for a hot water heat boiler system replacement? 

We did notice some water damage in the front of the house but was told the roof is in good condition.

Of course, if it concerns water, that is an emergency.

Two rentals I have, the water has to be in the owner's name.

That looks like your problem - only 3% down (can you get that conventionally if its a pure rental property - i'm not 100% but I don't think so) - with that leverage (97% LTV), pretty much nothing is going to pencil.

If one system malfunctions, you'll be out of the water.

Also utilities and sitework should be less as you do not need to bring in two electrical services, water services and run two sewer services and connection fees.