This discussion may contain spoilers!
So excuse this post if it is rambling. But I wanted to throw an idea out there for the community. What if we don't have a serial killer, but 2 murders where 1 was intended and the other was a case of mistaken identity?
So first, on Wikipedia (take it for what it's worth) serial killer is defined as follows: "A serial killer is traditionally defined as a person who has murdered three or more people over a period of more than a month, with down time (a "cooling off period") between the murders." So we haven't hit the threshold of 3 murders to qualify as a serial and the cooling down period is less than 24 hours and didn't seem to repeat otherwise we would have had a body at the end of episode 2 (just ignore the month qualifier as that feels more arbitrary to me). So strictly by that definition we don't have a serial killer... well at least not yet. So we must have a more "normal" murder scenario on our hands. I propose that the only intended murder was Lily the Troll.
Here are the relevant bits of information for the theory:
Lily was a troll. This meant she ALWAYS needed to be glamoured. Holly was surprised to find out that Lily was glamoured to look like Snow, so we can assume this was not her regular glamour. In fact she could have frequently changed appearances.
Faith was filing in for Lily at the Woodsman's the night she died (this is according to the Woodsman interrogation at the beginning of Episode 2). This grants the possibility that someone was using the Puddin' and Pie ledger to find Lily to kill her. Think about it, two nights in a row a hooker is killed and killed where the killer could have EXPECTED to find Lily. Again add in the fact that Lily glamours and how could the killer be confident that it wasn't Lily?
No third murder. If the cycle of killing was every night why didn't we have a murder at the end of Episode 2? Might this be because the murdered knows he killed the correct Fable?
Lily was missing for weeks. According to Gren and Holly they hadn't heard from Lily in weeks. This is why Gren was so pissed at Bigby's ambivalence in the first and second episodes. Clearly, Lily was still working. But why cut contact with Holly and Gren unless she was worried someone might use them to get to her?
Anyway, right now I'm just starting to feel that Faith's death and her stealing from the Tweedles' boss might be a red herring to obfuscate the real facts in the case. Thoughts?