Buy and rent back home

[Chris H.]

There is a small older home near my other rent house I am interested in. Here is why;

The house is well built in the 30's and until recently well maintained. It is currently owned by a young woman who is a single mom of 2 children ( different dads I think). Anyway she seems to be struggling with keeping the place up. She is employed in a stable but menial administrative job.

She purchased the property from a friend of mine about 6 years ago. 

I am considering offering to buy it from her and rent it back. The idea being that I would be able to make some repairs and take care of the maintenance better than her.

There are tree limbs hitting the roof ( shingles will be gone pretty soon),. some outdoor light fixtures broken with wires exposed....

Now, the property includes a build able lot next to it and the area is a very desirable area.

What might the downside be on this?

I would probably build another rental property next to it with a year or two.

btw, this is in Texas where rent laws tend to favor landlords more than a lot of other states.