The Contractor who got in the accident actually drove his car to the site to check on it.Had some Rip Rap 6 to 18 inch rock brought in.

No one likes unexpected surprises like this.

Almost every place I've called about unexpected fees will review your history and waive it, including banks. 

Fortunately, with the accident of perfect timing, we took a pause in 1985, ran out of cash, and didn't get back in the market till 1994.

This implies a much different scenario (entirely possible, but rather unexpected).

People who haven’t lived long enough underestimate the risk of being wiped out from a change in the housing market, stock market, divorce, and unexpected loss of job.

I don't think it would give you much, as the properties are still in your name, and still at risk from internal (tenant suing you) and external (you doing something, like a car accident and getting sued) attacks.To avoid setting multiple LLC for each property, look into Series-LLC - you are in Texas so you have that options.You'll still want to setup a PM/Operations LLC, if you do the property management, so you can separate the active side of operations (leasing, hiring, contracting, etc.) from the completely passive side (Series-LLC as asset holding only entity).

They were older and it was not unexpected.

I'm currently going through an early lease break and luckily I filled it quickly, however, it was unexpected (1 month into 12 month lease) and I'm updating my lease for the next tenant.

I wonder if you are more likely to get in a severe car accident on the way to the sellers house than for anything else to happen.