The location is in a booming area of McAllen, Tx with almost nowhere else to build and rents have blown up the last few years.  

I agree with the above comment regarding the relationship you will build with a lender. 

REI is a long game, but, in my opinion it is the best way to build wealth.I would start by narrowing down your market. 

Perhaps you have coverage for the replacement value BUT the insurance company when calculating the replacement property uses modern building materials like drywall but your original house had plaster which is much more expensive.

Apparently, not only did they sell at a loss, I didn't get any money back at all and they claim I owe them an additional $40,000 for "renovations" despite no work being done to the building at all. 

On top of that, FHA has very strict and particular rules around income.

Being based in Austin, you’re in one of the most dynamic markets out there, which gives you a fantastic foundation to build on!

Some lawyers will file ejectment lawsuits and ask for service by publication, but that is not allowed under the rules.

The FCC rules are here: https://www.fcc.gov/sites/defa... 

@Aaron Washington wind insurance is a must unless you have master insurance in place that covers your building.