Looking back, the property really didn't generate any more headaches than typical.

Granted, that's you generating that 12% more than the property or price you bought it at... but it's there as a 2nd job with a return if you want it.

It presents an opportunity for you to generate additional revenue.

I did go to a CPA several weeks ago for advice on various issues and he advised me to do this myself on Turbotax, because my situation isn't that complicated.

This unit will rent for $650 per month.With $700 total in operating expenses and $2,100 per month coming in, this house will be generating $17k net income this year.

You should read the post, I'm advising against it.

Some of the smartest people I know still advise that lease/options in Texas are fraught with risk.

That is a "crushing it" deal you landed.With section 8 paying you will ride the government gravy train.Paul you haven't said if you will be buying all cash.I don't like the fact the house is from 1973.You have to worry about lead based paint and the EPA instead of being built in the later years.You have to worry they just put lipstick on it.Remember many of these companies do not care about you they just want the check.A connection should be formed with someone local to the area wanting to form a relationship with you that will last generations and help you get into good deals where you will not be into trouble down the road.I can tell you just 3 to 4 years ago getting houses for these prices was unheard of.It will not last forever.

Eventually, I would like my own portfolio of properties and capital generation from my own rehab/flip.I hope to be making offers by the end of the week.

Working proactively with the appraiser, and having very good comps, would be advised.