Thank you @Shawn Holsapple and @Mike D'Arrigo for the links, encouragement and contact suggestions for financing.

We did this so that if there is an accident or something happens at our rental, our liability is limited. ...I encourage you to seek out a competent attorney because if you and/or your wife manage that property, you don't have the protection you think you have and you need to make sure you carry adequate liability insurance.

Again guys, I'm overwhelmed by the amount of support and encouragement I've already encountered through BP.

I'm looking for advice, warnings and, hopefully, some encouragement!

To encourage them to buy the property, I offered to paint colors of their choosing.

I would encourage going back to the drawing board and rethinking your approach.Best of luck to you and happy investing.

I'd either strongly encourage or require renters to carry renters insurance for flooding.Thoughts?

@Jordan L. thanks for the encouragement!

Just a note of friendly warning: more than once on these forums I've come across the equivalent of "Well, the first person I talked to at Wells Fargo said OK, but then the second guy........ " I don't know what it is with those first guys at Wells Fargo ;)I want to be encouraging, but I'm thinking you might be better off picking just one of these two properties.

What I know makes sense is to encourage you to wait a bit because the powerful minds in this forum will give you plentyful and sound advice.