People will argue that they are building equity and that tenants are paying that off for them but equity doesn't by you your ham sandwich for lunch (financial independence)....what it does is it ties you down into an investment that your kids might benefit from or that your nursing home will benefit from when you get old enough. ...and what do people do...they get tired of maintaining that house that's making them $90 a month and try to pull more money out of it by not keeping a reserve for repairs or capex and they let it go the way of neglect....which reduces it's value....which means it loses the very same equity they argued about 15-30 years prior.  

not sure where you are buying but for houston, your numbers seem a little high. are you rehabbing the house prior to renting?

Have the escrow instructions read you perform escrow agent records warranty deed.  

It isn't anything major that would need to be done prior to us moving in but we want to paint and have it cleaned really well before we move out stuff in.  

Do Not offer anything as a "deposit," "down payment," or "credit," prior to opening escrow. 

If the house was not put into rental service prior to doing the work, then the cost of improvements and repairs you made will be added to the cost basis of the house, not expensed.

Here is Fannie:Permissible Exceptions to Continuity of ObligationAlthough the following refinance transactions do not meet the definition of continuity of obligation, the new refinance transaction will be eligible and not bound by the limited eligibility parameters described below if any of the following are applicable: The borrower on the new refinance transaction was added to title 24 months or more prior to the disbursement date of the new refinance transaction.The lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (for example, divorce, separation, or dissolution of a domestic partnership).

They rehab the property prior to selling it to you so maintenance fees will be low in the first years of you having the property.

(We are three partners and were instructed to create a personal LLC for each plus two main LLCs, one for leasing and one for flipping.

Rehab books and the Tax strategy books cover to cover, and I have not fully read any book in the last 22 years haha, but these I have.I have a realtor that I've worked with for nearly 10 years up here (I say up  here as I lived in Tucson for 28 years prior to PHX), he's helpful kind of but not really helping me at this point, can't totally blame him as my money still isn't lined up.