,  occupancy rates, capex plans, competitor rental rate study, market study, etc.  

The local property will give you practical management experience.You might do better buying a REIT if you are planning to buy single properties far from home.

The longest delay is the floor plans. 

For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

@Drake BackmanBigger Pockets is a great place to find a tax strategist specializing in real estate taxation.A good real estate tax strategist can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding a tax  strategist specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your tax strategist remotely to expand your options.I would also recommend looking for a tax strategist willing to work with you throughout the year.

The markets open up if you are not planning on doing the management yourself.There are many markets that are growing in population and jobs throughout the country if you are willing to look at OOS investing. 

do you know how to read building plans or permits?

How soon do you plan on moving to TX?

Im only thinking about doing this because I think he wants at least 400k.Does that sound like a smart plan?

Keep that in mind if you plan to scale and buy more properties.