I'm looking at monthly cost to seller vs. anticipated rental income, purchase price relevant to the ARV of the area and interest rate, balloon, etc.

Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

So for the bookings we get on there, I am invoicing her monthly for the cleaning fees and then 18% of the rental rates for each booking.

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. 

The builders right now are also offering some very nice incentives, like rate buydowns and free property management. let me know if I can help in any way and best of luck. 

Some will tell you to make the change anyway but that seems a large risk in this high interest rate environment.

Although the Joshua additional demand is smaller, it is closer to DFW, which means its rental rates will be higher. 

You may also avoid the seasoning requirement on a rate and term refinance. 

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

End his lease, and find a tenant willing and able to pay market rate.