I would personally hold off.

I'm guessing the current note could be paid off and each of our 50% interest/LLCs could be pledged as collateral/recourse for the single LLC which we run the rental expenses/profits through?

Far, far east don't think you can even do that.

In the past I keep looking past this area because driving distance was too far to have any grasp/maintain on the property.

I wanted to see how the DFW market is doing because I feel like it has fallen off a bit from a couple years ago. 

This was our personal home, doing a rehab or for a rental that's vacant would be much easier as far as moving furnitture, boxes, etc.   

Some investors want a truly hands-off approach, and in that case the more units under one roof, the better.

As far as a second/vacation home and STR would you consider MTR to travel nurses/business people?  

they are 100% a scam, run away from them as far as possible.

Do we still get to write this off?