I had a Structural Engineer come out and review the foundation as well as the addition and sloping floor (to diagnose the problem).

Will it take physically getting into the properties to put a lot more trust in the numbers?

Readjust price and mortgage structure until you land at a positive net cash flow.

Physical and economic occupancy near 100% Lessons learned?

Initially we planned to purchase the property under the LLCs name, but ultimately elected not to do so as the interest rates would have been higher.Would it be favorable to manage this property under the LLC or would a different organizational structure be more favorable?

I lnow that one of my lenders will allow me to refi as a buisness loan (must have some form of corporate structure( C-corp, S-corp, LLC)  as long as the rents is $1 over the debt service of the loan. 

Assuming the stairs and decks are structurally sound and safe you have no liability.

To keep the details simple, I acquired 7 acres of land (for an insanely cheap price) with only one structure (a house with tenants who are permanently vacating the property in a few weeks).

 You need to:  A) Know thyself  B) Develop an understanding of what REIT's are and factors that effect their pricing  C) Develop an understanding of where you're going to invest if you buy physical propertyFor this comment Ill be talking about publicly traded REIT's as they're available to everyone through a brokerage account.

Hi Steve, I apologize I wasn't able to physically post a reply for the last 2-3 days.