This has resulted in an unexpected financial burden of $7500.In light of these circumstances, I am seeking advice from you all on the legal options available to me.

I am also looking for potential partnerships and referral networks in both the San Angelo and Abilene area, as we are neighbors.

make sure you clearly define roles, capital investments, and obligations for ALL potential scenarios so that you're on the same page about them well before they potentially arise. 

I ask this question because I have an opportunity to do something similar and the Multiunit would give me more than enough to pay the rent on the home and still Net at the end of the day….but is it legal??

These companies don't want to pay out so I'm sure they have a good legal staff that will represent you.

The LLC can offer legal protection, as well as create its own bank account to clearly show expenses used on the rentals. 

If a potential tenant is not comfortable with a vanilla lease, I believe they did you a favor not booking the place.

Things to look out for----Ask a lender what your potential interest rate is going to be and what lender fees are associated with this rate (underwriting fees, points whether they be origination or discount). 

The legal lending limit is the maximum a bank can lend to a specific borrower.

Trying to research and see what markets have potential.