As a side benefit, if a service shuts off it's not your fault and the tenant needs to work with the provider to resolve.Water typically has to remain in the name of the owner.

But, you'll be tied to issues in Tx.

Similar to a home office, etc. not tied to a particular property, but to the overall business

Conscious decision, timing was important, price reflected generous buffer for known needed work.What I didn't realize is, the tenants are kind of irresponsible slobs, and rather than reporting things to me or applying a _proper_ fix, they'll do a hack fix (e.g. they tied a piece of cloth around a pinhole leak in a pipe, which resulted in expensive water damage years down the line).I've run into a such few cases, where repairs were needed due to long-term tenant negligence (when they rented from the previous owner, so basically before our lease), and I'd like to protect myself and hold them accountable for any future such things that come up.

It should never remain static; always look for ways to improve.

If you finish it by lunch I am cutting a check for the remaining 13,800.

( I know I should have probably just kept my personal home as cheap as possible and saved the money and used that cash to avoid all this.. but I guess its kind of late for that as its already tied up and wish I read BRRRR earlier)

If you're refinancing a rental, then as long as you remain cash flow positive, you're not the one paying it off...your tenant is. 

I purchased the note (in my personal name) on a 4 family at a cost of $30,000 (original note amount $152,000; principal remaining $142,000).I then purchased the deed (in a single member LLC) to the property for $20,000.What is the smartest way to handle this with respect to taxes?

I'd keep the remaining $100K for reserves/emergency fund, FUN MONEY, donations, and put the rest in a CD.