Wouldn't the lender see the new debt and possibly reduce my approval for the new house?

What lead you to build them straight out? 

a "finder's fee" for referring clients, or providing 'leads' or 'lists' compiled from the MLS.

If the homeowner is underwater, it sounds like short sale would be the best option for your seller to walk away debt free and move on.

We also make about $95k per year and have no debts aside from the who homes. 

The house is occasionally used for church Bible Study Meetings (the son leads a church in the area).The house has been "in limbo" for a while and my father-in-law is trying to figure out if he needs to do a 1031 Exchange in order to reinvest the money in a rental investment strategy.The house is paid off and is worth over $500,000 and it is located in West Covina, CA

Yes, more debt and leverage, but tenants pay that.

It usually stimulates their curiosity, and usually leads to their next question. 

I perceive the future inability to refinance commercial debt as a greater risk in terms of loosing my buildings.Some people will probably just tell you to buy in your own name and transfer to the LLC; that they've never heard of a note being called. 

Growing up, I was always taught debt is bad.