I'm researching more because we had hoped to eventually purchase the space. 

Easiest way to do that is go to the top of this page and click on AGENT and there you'll be matched with 3-5 agents in your areaBest of luck in 2025!

There are no restrictions preventing out-of-state investors from purchasing rental properties in Texas—these investors enjoy the same opportunities as Texas residents.Additionally, the financing restrictions you mentioned don’t align with reality.

Hello,I purchased my first rental property last year and rented it out for 10 months.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

When the home was purchased, it was conventional loan and the basement had tenants.

It may be a little scary but if you go higher on your purchase price, 400k and up. 

Purchase price: $375,000 Cash invested: $30,000 This was a 2 unit that I purchased in 2016 for $375K.

In short: $4.25M Purchase Price. 15% down. 3.25% with seven years remaining. 

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.