Actually, have relatives in the Dallas FW area. 

Any excess proceeds not applied to the investment portion may be taxable as "boot."

Hi Devin, Have you ever considered that instead of America needing smaller homes that are more affordable, that America needs more higher paying jobs so that people can live the actual American dream versus having to settle for less and less and less (Has George Carlin pointed out in his classic speech about this). 

Comparable property sales do not affect the depreciation basis, which is determined by actual purchase and improvement costs.

I don't have much actual experience with many of these markets.

Insurance is going to protect you financially from lawsuits, damages, total losses, and other scenarios we can't even begin to imagine until it actually happens.You'll want to have a broker you can work with and trust that will make sure you're properly protected in the event of a loss.

Before or after you actually own the property?

Lots of military bases around, that's actually how I ended up here.

Thank you in advance for any help One thing I've seen with policies through NREIG is that investors have basic perils/actual cash value coverage only and aren't aware. 

You might also meet title agents who have resources on, say, foreclosures or probates…and might recommend lenders who actually lend on more difficult projects (as the title companies also know which lenders can close and which are difficult).I also go visit open houses to see what sorts of finish to put on my renovations or to look for the next house or area in which to purchase.