One issue on the second property was problematic, and we couldn't realistically address it before closing (a small soft spot in one floor, nothing structural just a little bubble under the faux-hardwood flooring where the floor had shifted a bit over the years). 

I just wanted to get a users perspective on it.

When you are looking at it from the perspective of someone who does a lot of flips, you'll get similar sized homes where one might cost $10,000 and the other $20,000.

Me personally I am looking at house values, income relative to city, %renters, population shift, COL index and education statistics. 

It can give you a different perspective On debt and spending.

Our investing strategy will focus on single family homes in excellent school districts (thus far, we have 2 SFH in Keller ISD, and 1 in Northwest ISD- Byron Nelson HS), as well as multi family properties that make sense from a cash flow perspective (We've looked at 2 four plexes, and we're currently evaluating an 8 unit apartment complex).Here are some questions we have for the well informed masses at Bigger Pockets:#1 Do [you] recommend that we set up an LLC for all properties, or a series LLC, delineating each property into separate LLC's "underneath" the main LLC?

I think one needs to think about gutters from 2 perspectives, one as a owner occupant and the other as a landlord. 

I'm attempting to broaden my perspective and to qualify more comments which apply to a regional / state.

Who cares, at that age if the foundation is intact do not mess with it, it has had 200 years to settle the likely hood of it shifting more is minimal.

While I tend to side with what others have said about cutting your losses, I think there maybe another perspective to consider.As I see it you're about $900 down ($1,200 advanced on the water bill minus $300 paid) plus the unpaid SD.