I'm ready to go to the next level and have resources to do so, but first I'd like to establish the foundation for the business and financing.Thanks for your help!

Dustin, good stuff above, but you really need to visit your lender(s) to establish your strategy, just because fannie may take 10 doesn't mean you can get ten, things change regionally and from lender to lender.

Looks like you got a great lesson from some professional tenants.You pretty much answered your own questions, never sublease unless you fully vet out the applicants before they move in and "establish residency" and second why take in any tenant referenced from an already bad tenant.As for the utility you should call up the utility directly but since I am assuming this is a single family residence.

Once those are established I suppose its a good time to set up a business account with a bank.

Establishing policies, procedures and systems to let your employees run the properties the way you want.  

That works OK for more static investments, but will not provide you with the access to capital you require for more time-sensitive or transaction intensive asset classes.Advisory firms establish plans offering checkbook control, either with an IRA-owned LLC or a Solo 401k trust.  

It allows you to assign tasks, create projects, establish and synch calendars.

I'm looking to acquire another rental property in TX, and I'd like to establish an LLC to benefit from the liability protection.

We did it this way because the bank didn't want to lend to us at the time until we had 6 months of established ownership and rent. 

Establish a plan for handling that and you won't be caught off guard.