In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

The rates will be lower and will allow you to maximize profits.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Not nearly as far as it did when I got started... ugh I hate that I am now old enough to say such a thing.

Also love that you guys are getting started so young.

@Nathan Deutsch Welcome TO BiggerPockets If you are not comfy with privacy issues while house hackingyou can try  a  FHA loan or start with a partnership to buy a STR etc

If you only have one LLC and don’t need entity tracking, you could get a lower subscription and categorize your properties as ‘customers’, then units and tenants would be sub-customers.Simple Start would allow you to invoice your tenants (if desired through QBO) and produce basic reports. 

I would personally use some of that equity and get started with your first property.

In decades past, carriers were allowing people to carrier lower limits of insurance on their properties. 

I started my career as a commercial banker a long time ago, but have been an independent mortgage broker for nearly a decade.