We have several who have called us and usually are glad to help (avoid meal times and be aware of their timezones).

Need some much needed advice and path forward.

I have a successful PM company in SF and a CA Broker License - but currently don't do any sales transactions.

Maybe we can weigh-in and help you hash it out.Is there a mortgage? 

I’ve read enough to know that acquiring the LLC is a bad idea due to: unknown liabilities; tax liens and debts; loss of depreciation that has already been taken, and probably other reasons too.

As for cap rate, you are looking at both market risk and tenant risk.  

I'm in Austin and don't know the answer.  

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The more leverage (debt) that is applied to a property or deal, the more cost savings you will get up front relative to the equity you put in.Let's say you buy a $10 MM dollar deal that has $3 MM of year one depreciation.If you used $7m of bank debt and only $3m of equity, your year 1 deduction will equal the amount of money you put into the deal!

All over the place and over a span of time.