This total is about 25%, so your 10% security margin seems low.At 5% down you would want a fairly healthy reserve fund for unexpected high cost maintenance or vacancies as you have very little equity available.As it is, you're catching a falling knife in Grand Prairie and it is certainly conceivable that property prices and rents could fall a further 5%+ over the next 12 months, putting you in negative equity and cash flow territory. 

I stop in weekly and chat with people and keep my presence known.But these distressed properties are the best deals to be looking for!

Generally speaking, this means that you would have the same income tax liability for your investment strategy regardless of the presence or absence of an LLC.  

U of O territory - - might consider Student Housing opportunities . . .

I believe our housing market is frothy, but we are not in bubble territory.

But I'd like to know my options in the presence of a second applicant.

Sadly, women Realtors are so exposed to this.Highly recommendnever show aloneget the prospects Name, Cell, and Email and refuse to show w/oTell an office mate of where, when and whom you are meeting withUpon arriving onsite and in the presence of the prospect, Call your own office voice mail and speak so as to be over heard, "Yeah, I with xxx at yyy and expect to be done by  HH:MM, C U then".

Did a lot of research and actually developed a couple web scrapers with the goal of finding under-valued military properties.Never amounted to much as we don't have teams or a presence near any bases.

As I am originally from Tacoma, WA there is a large family presence there.

They only deal with metro's where they can establish a physical presence and actually take part in the local market.That being said there are members that snowbird to phoenix from Canada and other areas.