I rarely read an RE book twice, and in addition to @Caitlin Damani 's book reference of Gary Kelly's book, Shemin's book is really standing out!

Here is our breakdown-one property on a stand-alone 20-year loan, 4.5% interest.  

Every 6 months we have to print out a "short form standing" letter from the state and send it to our hard money lender to let them know the LLC is still an active business.

@Will Kaufmann i was just about to say this would be a better question for an attorney but you are the attorney :)I'm an investor and Realtor for the reference..Not giving any legal advice, but from a stand point of a relator, it would be unethical to go behind your back and pitch the property to other buyer if they are your agent and you are interested in the property. 

With rates going up and the way the economy stands, do you all think it would be best for me to pull out a loan and purchase another home while renting this primary one out.

There are so many newbies here in San Antonio and people looking to start nowadays because of the hot market so it will be hard to distinguish yourself and stand out to be honest.

I'm sure that I made a few mistakes in this analysis, but I was just wondering if there were any obvious things that stand out as something that I did wrong. 

I've met people who owned small apartment buildings with commercial loans, had never missed a payment, and were still in the black on a monthly basis, but had the misfortune of having their balloon payments come due in 2009 and were left standing hat in hand (lost their properties even though they had never missed a payment!).

I am saying that if you are getting the property for below market value it stands to reason that there will be some differed maintenance that will need to be taken care of immediately, not with your reserve which is only $1,200/month which won't fix much until you have built it up.You never did answer, what is the current occupancy and current rent roles are?

We stand to make a gain of $80k or more on her home if we sell it now (after purchasing it she knocked out a wall, got all new flooring, new paint, updated kitchen and bathrooms, etc.)