That scenario would be the most attractive resolution for all parties in my opinion.

Think of this as getting two months of rent with little work on your part. I

I'm having trouble understanding what to do about the second and third home...

You might keep that one wall and build a new ADU around it.)But before renting out the house, I'd see if there was a way to get a third bedroom in there.  1,000sf should be adequate for 3 bedrooms.  

I didn't spend a lot of time worrying about my wife's part, I just focused on doing my part really well and the rest fell into place.

The worst part is Bexar County allows this to occur and taxes keep accruing, often times making the tax lien greater than the actual value of the property. 

So, what part is hypothetical?

Otherwise if the property is owned by you personally and the rental agreement is to the LLC then you would both be parties to any lawsuit and potentially both parties liable if liability is found against you.  

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

@Paul Kessenich- in Nashville, the target market for these larger home is bachelor/bachelorette parties and other larger social functions (reunions, weddings)That is another degree of risk for long term.