I have never lost a deal because a property didn’t have recessed lights.  

I’d suggest you dig into the numbers, compare it to what a regular sale would give you, and talk to someone who specializes in this type of deal.

Now, you need to figure out how to find deals and pay for them.

If the risk of having to refinance into a new loan is a big deal for you, then you might consider simply operating in your own name without an LLC.

If the tenant is claiming to be living in a hotel, she may try to get you to reimburse for that cost unless section 8 has a new process to reimburse them for this... which sounds absurd but I'll let you deduce whether or not you're dealing with someone who is used to paying for things out of their own pocket. 

I wouldn't consider it a heavy negative unless the street is super tight and parking is hard to come by or if the street is very steep/busy.The more desirable dense city neighborhoods it's almost kind of expected and off street parking would be considered a luxury rather than a necessity.If you get out into the suburbs I would say it's more of a big deal since more rentals have off street parking or a garage there.

In LA, my last vacancy was about a week.The hardest part honestly is understanding the laws and dealing with the tenants around it.

Since you would be dealing with maintaining a gas tank I would have all electric except a gas fireplace. 

You don't necessarily have to structure the LLC as a partnership, you can JV on deals together. 2.

Hi @Gil Canfu definitely there are many places in DFW where you can invest in a good rental property.I am not sure where you are at, but if self managed you should start in cities with good proximity to where you live.All the corridor between Princeton to Saginaw has good deals but there are many others things to consider as I mentioned previously.