I would expect the one in his personal name shows on his credit report as a mortgage and the lender will factor it in his DTI.

The answer will depend on many factors since it is a commission-based business.

It’s interesting how those factors shape the investment landscape in Texas.

I guess that's kind of my point, I could easily see loosing 10-15% of my profitability using a management company, so it makes the DST fees more palatable when I factor in how much more time I would get back from passive investing vs. vetting/managing a management company and possibly still being active at times.  

Don't forget to factor in an additional parking space for Brampton, and furnace dampers (most municipalities won't require either of these so it's I'd say mostly a Brampton specific thing).I think one reason rents are/were so high is the amount of students.

Is prohibitive zoning intentional as far as economics or more so other factors? 

I would always factor in PM even if you plan to manage yourself.You can still ask for a copy of the m2m lease to verify rental amount and what might be covered in that.

A factor I am frequently discussing with clients is the nature of our current market shifts in Texas.

I could partner with someone and probably put close to $100k down but need to factor in $10k for first year expenses into that as well.

Your FICO will also be a factor.