Assuming there is no C or S corp election in effect for the LLC, then real estate held in the LLC can receive a step up in basis just as real estate held outright can.

Im down to put the work in but want to know 2 things...what would be the most efficient and effective way to use my time to get houses under contracts and to close deals.

Stay current on local rules and regulations that may effect your investments.

Anyway, repairing flood damage is not a big deal.

Improve Efficiency – By classifying and identifying the various components of your property, a cost segregation study can help you maintain and manage the property more effectively in the long run.

Any mistake can create a domino effect and impact both investments.If your current investment is performing well, save up that money and use it to build a pile of cash for a new investment.

We used to do pet deposits, but now we collect a one-time "pet fee" upfront that is designated for damage repair and cleaning on the back end. 

It's been talked about for years as being the "death knell" of the industry, but it seems suspiciously quiet since the law took effect.

There is the possibility that he could move into his new home while my loan with him is still in effect.  

With the father not having ownership in the property, this type of enticement would have zero effect.