In addition, to factor in their debt load, I require the rent + monthly debt payments to be no more than 45% of their GROSS monthly income.

Yes it's a huge problem.You should fix this correctly now.Open the walls and put in proper sound reducing insulation.

Let me know if I can do anything to help, and good luck to you in your journey!

What do you think of my essentially 7-word answer? "It's like selling pizza by the slice".  Too simple? Just right? How would have you answered? 

I assumed we would be able to file taxes for this LLC as a disregarded entity since we are married and in a community property state.

@Shaylynn O'LearyI think I may have posted this in response to you in another thread a while back, but here goes again.If you pick a random "low cost" market like the ones you named, don't know anyone there, don't set up a network, buy random properties, and turn them over to people you've never met to manage, you will most likely lose money. 

With careful planning and market analysis, Dallas can be an excellent place to grow your portfolio.Good luck!

Not to mention equity in those 10 properties.

Beware of Fraud and Scams in the Lending Industry: A Guide to Protecting YourselfThe lending industry, unfortunately, can be rife with fraud and scams.

If its a single family home its a far simpler analysis.