Opinion has no place here.Note:Luck is 50-50.What everyone is content with and labels as "normal" is 0.03-99.97.

As far as closing costs go, see below:-Title fees-Title insurance-Hazard Insurance-Lender's closing fee, underwriting fee, or any other flat fee they charge-Origination fee-Attorney fee (if the property is in an attorney state)-Doc fee for closing docs-Prepaid interest through the end of the month you are closing-Recording and transfer fees on titleThat will cover most of your normal closing fees. 

I believe the interest rate is a bit higher than your normal mortgage.

Also in a normal deal there’s usually 1% or $1,000 down.

So you need to lock in Low rent at or under $12/sq foot if you want to survive in the coin laundry world.

the tenant. arbitrage would be someone having a long term rental agreement (usually at least a year) and a landlord isnt normally going to be paying the utilities in those cases

It creates a lot of friction with other tenants and normally creates a poor work life balance for the manager.

from an insurance standpoint it would probably dramatically raise your insurance costs as treehouses are normally looked at as a huge liability for injury.  

A lot of other markets 20 years from now could be ghost towns with little demand.But on the flipside, that safety/security comes with lessor immediate returns, as is a normal balance with investments (more risk traditionally equals more short term gain potential). 

I agree with @Brandon Rizzo I think the supply will normalize as the migration to Texas has not slowed down and as builders make correction to a more balanced supply and demand (along with interest rate improvement) housing market will be better.