I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

Once i have the network established, I might consider STR in future.

Your zoning should be ok, but you want to do everything by the book (which can be costly) to percent future insurance claims or injury claims in an unpermitted basement living space. 

We contacted several hundred banks in one day and continue to follow up with them regularly....numerous lists came in along with future lists coming to us as well. here is a short video on that first day of bank calling.  

Your questions are fine, but I would be more worried about the asset and the future cap ex than the renters in general.

Since Waco is running 6 years behind the rest of the country and with millions of people now moving to Texas, we know what to expect for Waco's future in the next 6+ years and THAT is what makes Waco one the most attractive real estate markets in the country today.                                                                                                                               

Welcome to BP, sounds like you have a great track record and future!

I definitely don't think that this is the case of an emerging city that will experience a boom in a near future, but who knows. 2. 

My main goal is to invest in real estate in the future, but I want to understand how everything works first.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually when rents are increasing or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.