The three ways to handle the risk are (1) gaining knowledge and experience in both investment in general and in the area you’re investing in specifically (2) extensive due diligence and when the inevitable bad outcomes occur despite (1) and (2) then (3) diversification.  

After years of struggling with a sub 500 score, I've averaged an 830 FICO across all three credit bureaus for the past 10 years or so.

It has been on the market for three months, with the price reduced multiple times from $550,000 to the current $375,000.

I would probably focus on three things.  1) filling the vacancy for as close to the old rent as possible (to help with refinancing or selling 2) refinance it and talk to a few different banks/brokers.  3) If all else fails, list it and 1031 into another project. 

.- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

If three people are applying together, we don't process any of their applications until all three are complete.

I see three viable options for you: 1) Rent it STR (we manage 100+ Airbnb / STR properties, it's a great strategy and you can definitely make your $2400/mo)2) Sell the property Subto.

If you live in California, the FTB still wants its $800 per LLC, no matter where your properties are.Question B:When it comes to setting up an LLC, here are three common approaches:1.DIY Approach:In most states, you can set up an LLC yourself for less than $100 in filing fees, depending on the state.

As a general rule of thumb if the property has a ground level commercial requirement in order to show sufficient hardship to seek a residential use change the property should be located in a location that is not conducive to commercial use i.e residential street, close but not as marketable as properties located on neighborhood's primary commercial corridor etc. 

Add a very diversified economy here with banking, insurance, oil and gas, education, three medical schools, 3 law schools, life sciences, DFW airport, and so much more, it looks like the growth just goes on and on.As far as appreciation goes, that's always tough to predict.