By all means pay everything off.But if you are thinking about real estate as a form of wealth creation, leverage is your best friend.  

My thoughts are that it is nice because it is free water, but the liability, not to mention the possible creation of a sinkhole(?)

. ($8,000,000 in value creation!)

There are still some great options out there which may be able to help you cast a super-wide net (get a new listing for the property up and posted to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking in one spot).

Finally, population growth projections and job creation numbers.Market(s) - the specific areas you are targeting, within the larger MLS area.  

A lot of REI's seem to focus on wealth creation, but the wealth protection side of the equation deserves just as much attention. 

Having said that, I also know that spending all of your time and money on systems instead of deal creation is a mistake as well. 

Ron handles mainly real estate transaction, not so much entity creation.

Right now it seems pretty tight.Cash to asset to cash to asset, as quickly as possible is the ticket to fast wealth creation.

We really want to be thorough in the creation of the legal documents to assure that no one gets "burned" during (what is to us) a large investment/risk.