First, please see your CPA because this is not a simple answer.  

It was fine for a little while, but as the business grew it got past where I could keep track using simple spreadsheets.

Would anyone be interested in sharing a simple rental contract template? 

Then the Sheriff calls you and you both agree on a date. .....it's pretty simple to do if you don't want to pay an attorney.

Some points about me and this property:- it consists of four 1-bedroom apartments - rented to young professionals- this is B property in a B neighborhood - current rents are $2300 ($550x3 and one $650 - the $650 is the newest tenant and the apartments are identical - so it sounds like the rents can be increased in the other 3 upon lease expiration)- it's listed at $139,900 and has been on the market for about 3 months- my calculation on this property is based on full asking price and current rents- The COC ROI is misleading based on the way I did the inputs -- the only cash out of pocket will be closing costs which I've been quoted to be about $7000  out of pocket. 

Each flip *should provide enough profit to increase working capital even though I'm repaying the 401(k) loan.  

You can always increase the liability coverage, or purchase umbrella policy as mentioned. 

Needless to say, I feel they are not going to respond favorably to my dramatic increase in rates.

The last thing you want is increased vacancy due to pest problems.

A LLC will likely increase your taxes not reduce them.