If they are non recourse then you would not have to include them but my guess is they are recourse even if in the LLC, so yes you would need to include them.

I'd like to get a reference (or two) for law firms that provide advice that will include an insurance claim for a fire which started in a neighboring tenant's trash bin they leaned against my 4-plex. 

You’ll be lucky to get this as a newbie.These total $188k and don’t include property & title insurance, closing costs, property taxes, utilities, staging, and all other misc. costs

Paying 2.4% for total closing costs (which include title search, title insurance, all attorney doc prep and recording fees) seems very reasonable given the relatively low $ purchase price.

This would help you avoid any fees in you want to break the portfolio.

These markets need investors, without them, the cities and towns will be left out to dry and the local tweaker is looking for easy break ins for their copper wire.

Some helpful questions to ask yourself include but are not limited to: How many deals has the sponsor successfully exited? 

Not sure what happened there.I have many Chicago agents I could refer who could handle wholesale deals including myself, but not in Texas.

After talking to a few bankers, including one with more than a decade at BofA, I can 100% confidently tell you this is how Bank of America treats all of the customers in this location.  

In many locations, including some of the other hot-housing market cities, appreciation has made homes unaffordable to those who don’t own a house they can sell for the funds needed to make a move.