Maybe I am biased since I see and diagnose cancer in young folks all the time... but, money is easily made and easily lost (by newbies too), but time is not manufactured.

I have some help with 38 tenants but only a few part-time guys and an EPA guy to manage wastewater treatment at the trailer park.  

Sometimes regardless of the cleanliness,  rodents/squirrels move into (attic/walls) one of the units and the wildlife control will need to treat all adjacent for a complete treatment.

My question now would be are there entities such as an LLC that you can report you rental income under were the tax treatment would be different versus ordinary earned "W-4" income from a job?

I would budget $3000/year, unless you can get a solid quote.Also, factor in regular termite treatment as a maintenance item, every wood frame property down here has some termite damage or activity, so treatment is a necessity.

Our contractor discovered the issue, we requested a quote from an exterminator but he said the treatment will not take affect till the spring when they come back out of the ground.

Texas is a dual action foreclosure state.. they can and do go after deficiency judgments .. and the only way out would be a personal BKYou want to be in talks with them and negotiate out if your going to just try to short sell the property.. now during the financial crisis the fed's stayed the deficiency judgment rules on mortgages .. maybe they will do that for flood victims.. although it might only be owner occ's that get that treatment as investors are in a different class .I would also caution you on getting a lawyer that could just be throwing good money after bad..

Maybe you did this because you wanted to be in the house long enough to get long-term capital gains treatment or something.

Funds have different tax treatment than syndicated projects do in many cases.  

This problem needed to be handled swiftly to prevent spreading to the other units.SHOP AROUND. 1st quote Orkin 2000 per unit for the first visit and for any visit after that ONLY 1000.I called a few other exterminators and found a local company that would do the whole complex for 600 dollars and any treatment after that for 300 dollars a treatment.