You’re in an ideal market for growth—DFW is full of active investors and countless networking opportunities through local meetups.

The two are almost entirely different markets in terms of price points, returns, tenant quality, and overall investing strategy.

There is a single family home in front, and in back there is a guest house/loft above a garage.

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

Option 3: Pay large down-payment on modest rent ready house. 

I wanted to buy another house to move and rent out my current house within 2 years.I am happy to find this place so I can imporve my skillset as a landlord

I was involved in a bunch of industries—from wellness and gyms to digital marketing and consumer products.

In my market - new build duplexes dont cash flow well but are typically a great 5-10 year investment. 

Two identical homes located next to each other would come up with the same value, even though House #1 was just renovated to a very high standard and House #2 hadn't ever been renovated since it was built in 1949.I always tried for an identical (or nearly so) beds, baths, sq ft of living area, garage and acres. 

Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.