Well, first I'm a long term buy and hold investor.

I'm exploring several long term strategies:-Exit:The townhouses share common walls in the middle.

I think we can both find some success here!

On the other hand these are also where you might find your deepest buys so it really just depends on your personal strategy and buy box, many investors are having success in these areas. 

What’s a realistic IRR to expect on a long term rental in the current market?

Not a problem hope you have success with your deal(s)

Some of the most basic information you will want to know during the tenancy are:1. periodic reports from the PM regarding inspection results, including pictures and notes2. periodic (e.g. monthly, quarterly) finance reports from PM3. lease terms of new or renewed tenantsThey should contact you about:1. major problems or concerns with the tenant or property that may warrant termination of the tenancy or non-renewal.

They are private lenders agreeing to loan their own money, with their own terms, and taking full risk.

New construction is certainly a viable option but I am seeing people have great success with the renovation of existing properties.

This trend suggests a robust and appreciating market, making Katy, Texas an attractive city for short-term and long-term investment.High Demand for Rentals: Katy is experiencing inbound migration from major cities like Los Angeles, New York, and San Francisco, indicating a high demand for rental properties.