I have found many older setups like this don't meet the current rules of one acre per septic system. 

If you decide to keep it you might need to work on your master lease items that includes all of your rules. 

I can't remember who it was off hand, but there was a guy a few weeks back talking about how he gets closer to $1000/door and doesn't want to touch anything below that...I just looked up some properties really quick on loopnet (not sure where else everyone checks first), found some properties that would fit the 1% rule mentioned on BP and that would appear to clear more than $200/door after management fees and setting aside $100/mo for reserves.

I know that everyone is oversold in putting their asset on LLC, but there are some strict rules you have to follow to actually get the desired asset protection. most of the small business dont follow unintentionally. 

You broke the first rule, Calvin.

As a general rule, you want to use an S-corporation.While liability concerns are an issue, that is not the main reason I am saying to use an S-corporation. 

They tend to be a little more lax with their rules and requirements. 

One rule of thumb I always tell agents is to speak to your broker or agents within your own brokerage.

For instance, one property may meet the 2% rule (monthly rents = 2% of purchase price), but the owner may be paying a lot of the utilities.

Some of the tricks I use which are totally legal is the grandfathering NFIP rule or built in compliance.