@Justin Taffera...Hopefully,  they are all metered separately.  

After that I will need to have the double parcel surveyed and legally split into two separate parcels.

After that I will need to have the double parcel surveyed and legally split into two separate parcels.

After that I will need to have the double parcel surveyed and legally split into two separate parcels.

Just a few additional points for you to consider to hopefully get you on the right track:* Option to Buy and Lease are separate documents with separate purposes.* Tenants pay a NON-Refundable Option Consideration Fee in order to receive that option. 

Separating properties from my liquid cash, stocks, etc.

They are separately metered for gas and electric and I would pay water.

Should there be more separation? 

@Jeff Dulla  I have a portfolio of properties, each owned by separate LLCs setup at the end of 2015.  

Many hedge funds found this out as well.. they first wanted the homes rented and performing then realized the providers were too aggressive putting tenants in .. then they wanted them vacant so they could vette the tenant and have their own management.. the Aussie companies I know went that route as well. they wanted to separate management from the provider.. either way I look at investing in rentals in any given market however you come by them as wanting to buy homes in areas that are receiving the top 20 to 25% of the median rents...