The long answer to your question depends on a lot of factors, such as:What does the original purchase contract (which I assume is from the seller to you) state?

I currently live in Raleigh, North Carolina and am interested in connecting with folks who have invested outside of the the main Triangle Area (Raleigh, Cary, Apex, etc.) - specifically if you have invested in Knightdale, Wendell, Rocky Mount, Zebulon, etc. 

when holding multiple LLC entities as members under my main holding Wyoming LLC,  Do I name each property's LLC different than my main holding Wyoming LLC? 

Factoring your tax liabilities and transaction costs will help you better understand if the strategy makes sense for this situation.

I am slowly working my way thru the process :)I think remembering to set my goals, then check this againt those, and also be sure to see if there are better returns i could get elsewhere are my main criteria right now. 

Well other than the exact wording of your contract, likely the section dealing with “the seller being able to deliver clear title....” one factor will be how much equity does the seller have?

It's factored into the cash-on-cash return and increases it so it makes the returns look much better and the property more attractive in certain ways.What is this principal reduction?

Banks have a vested interest in getting lowball appraisals in BRRRR situations, and if appraisers want to keep working for their main clients, those banks, they quickly learn to be well-versed in the art of giving the banks what they want, money-making lowball appraisals that screw you, the investor, and take money out of your pocket.An appraiser is going to come in with a point-and-shoot digital camera, or, in the worst case, use her/his phone.

The main floor 500 sq ft is a concrete slab and should be fairly easy whatever goes in.

It seems to be that way, I have a decent amount of rental and flip properties so when my main contractor can spare a guy for a small project he will usually only when we have a full rehab going on another project.