Opinion has no place here.Note:Luck is 50-50.What everyone is content with and labels as "normal" is 0.03-99.97.

As far as closing costs go, see below:-Title fees-Title insurance-Hazard Insurance-Lender's closing fee, underwriting fee, or any other flat fee they charge-Origination fee-Attorney fee (if the property is in an attorney state)-Doc fee for closing docs-Prepaid interest through the end of the month you are closing-Recording and transfer fees on titleThat will cover most of your normal closing fees. 

I believe the interest rate is a bit higher than your normal mortgage.

I ask every time I make an offer on a house, and my normal terms are 6% interest only for 5 years.  

the tenant. arbitrage would be someone having a long term rental agreement (usually at least a year) and a landlord isnt normally going to be paying the utilities in those cases

It creates a lot of friction with other tenants and normally creates a poor work life balance for the manager.

from an insurance standpoint it would probably dramatically raise your insurance costs as treehouses are normally looked at as a huge liability for injury.  

A lot of other markets 20 years from now could be ghost towns with little demand.But on the flipside, that safety/security comes with lessor immediate returns, as is a normal balance with investments (more risk traditionally equals more short term gain potential). 

Perhaps someone with more intimate knowledge of the area can validate or dispel the type of neighborhood this is but it’s normally not good if that’s one of the first things to populate on the internet.

I agree with @Brandon Rizzo I think the supply will normalize as the migration to Texas has not slowed down and as builders make correction to a more balanced supply and demand (along with interest rate improvement) housing market will be better.