For question 1, are there distinctive areas that you can definitively say that one tenant is responsible for and not the other.

This particular property is in 92105.The other thing that's not shown here (that I intentionally removed prior to posting) that many people don't think about is the distinction between Operating Cash Flow (cash available from operations) and Free Cash Flow (cash available for distribution after re-investing in the asset)  ... as well as the percentages for Cash-on-Cash, Earned ROI (including value of loan amortization), and Unearned ROI (including market-based change in value).I was asking what you mean by "working for buy-and-hold" because I usually see people enter the market already restricted: has to be an area I want to live in ... only $X available to use out of pocket ... must be in a condition financeable for FHA ... must be an SFR ... has to have historical expenses available ... must already be a residential property ... whatever. 

Without getting too deep into legalese, it means that a plaintiff can get around the protections of the LLC and get at the assets of the LLC's individual members by showing that the LLC and the members are really one in the same; that there is no actual distinction between the entity and the individual.  

Anywhere from $1500 to $8500 for a standard commercial property (with a few distinct outliers!)...

That puts you at a distinct disadvantage investing in this market.Many of the podcasts and Management members have ideas which may work in certain markets or in different market cycles. 

Texas is an enormous place with a number of distinct markets.

I got the distinct impression that the lenders or their attorneys realized while searching the title chain that someone had screwed up and they legally didn't have the right to foreclose.

Commercial real estate is defined as any real property not residential, and any residential property of 5 or more units.Residential investment properties (1-4 unit NOT owner occupied) a few of the 39 states that do not require licensing for commercial loan brokering do require licensing for non owner occupied residential, Oregon being one of them.The distinction between mortgage “originator” and “mortgage broker” is primarily made at the Federal level in regards to compliance with the SAFE act.

The valuation and market value of a multi family property differs from a single family and you want someone that understands the distinctions if you go that route.

I do not believe having your license gives you a distinct advantage over anyone else.