Water heater is about 5 years old.

Quote from @Jason Malabute: A 1031 exchange is possible.

please, by all that is holy, no.just do not participate in this abomination

@Donald Hatter   It is always ideal to purchase property directly under an LLC to avoid the need for a subsequent deed transfer.

This is where everyone started.Residential investing is very forgiving by nature, you have to try hard to really screw it up.

I'm sure you're well aware that it is extremely rare for a lead to want to transact immediately.

What area of Houston is the property located? 

When I am looking for a new investment property and am strapped for cash, I typically look off-market and try and find something that can a seller is looking to sell that needs minimal repairs to be rent ready and the purchase price is 80% of the ARV this way I can use private money to buy in cash, do the repairs needed then refinance on a DSCR loan and pay off the private money loan. 

A more holeistic approach is needed: long term wealth is mostly created by principal pay down and appreciation.

Quote from @William Weston: Hello everyone my name is William.