Now I am inheriting a huge fixer-upper in Dallas which we will probably live in for a few years after it is repaired.My ideal situation with REI is to buy and hold multiple properties while also flipping a few per year to supplement our income.

the  I have seen a lot of properties come and go.  

We are a boutique firm in Chattanooga and every agent in our firm is personally involved in either real estate development, owns investment properties or flips homes. 

Almost everything can be done virtually these days including many property management functions. 

As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

If you're looking for ways to accelerate, consider these options:Seller Financing – Some sellers may finance a portion of the purchase price, reducing your need for a large down payment.DSCR Loans – These loans focus on property cash flow rather than personal income, often requiring only 15% down.Private Money Lenders – If you can find a PML willing to work with you, you may be able to put less down.Partnerships – If you’re open to splitting profits, you could bring in a partner who funds the down payment.Since you’re okay with the slower path, just keep stacking cash, but these might be worth exploring to move faster!

This means having to take a chance and take the property off the market for 2 weeksOption 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. 

I will be the one actively managing the property and doing most of the research, and my brother will act as more of an investor.

Are you looking for turn-key properties or something along the lines of a "fixer upper"?

Held for 1 year, completed updates, the property appraised enough to justify sale.