Our plan is to start with this property then potentially build another.

I feel your pain when it comes to the high cash flow, but low appreciation and potentially high maintenance properties.

I received a quote in Southern California, but it requires year-round accounting at over $6,000 per year.Would a general tax professional be sufficient, or would I risk missing out on significant savings?

Ours would potentially go from $2,095/yr to $8,895/yr.

We don't reach that point until we have had the opportunity to understand what an investor wants, their motivations, long-term goals, and risk profile.  

In Collin County, consider properties with strong appreciation potential in areas like Plano or Frisco.

Building a trusted team is key, so starting that process as you actively search for your market will put you in a strong position moving forward.River - Would you prioritize meeting these team members over going to see some potential properties for a first visit?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I usually get 10-12% interest as a private lender.3) Low risk.

My property, however, has a 17,000 sqft lot, which offers potential for a future multi-family development.