I'm looking to get a submeter or a method of identifying how much water is being used by each unit.

@Christopher ChristianFunny, I can relate in some way to your status as I want to go deeper into real estate but I am not sure what is the way there, I currently have a few payed properties but i got them not from too Sophisticated methods but from Appreciation (I STARTED YOUNG).THE BIG MONEY AS You MENTIONED COMES FROM COMMERCIAL AND WHY DONT YOU START WORK WItH A DEVELOPER TO LEARN FROM OTHERS experience, instead of getting more debt.

E) What would be the best method/schedule of distributing funds from these LLC’s to us as owners?

Do they consistently not pay their bills and get sent to collections, or did they have some catastrophic life event happen several years ago and now they are working the dave ramsey method and closing their accounts as they get paid off. 

What is the best method to evaluate (with intent to purchase) a 2-4 unit property...CMA or Cap Rate?

Our L/O offering was unusual in that most owners/landlords using L/O before 2010 saw it like you do as a revenue enhancement tool rather than a 'normal' alternative financing method. 

The preferred method is the warranty because it does give you a clear and direct title.  

I've found this method works for those willing to try it. 

Currently using the BRRRR method for acquiring property so anything that coincides with that would be great.. thanks!

The answer to his question is regardless of which method he chooses to take to get paid, either his personal or his disregarded LLC, the impact on his personal return is the same as @Wayne Brooks mentioned.