I am extremely excited about starting this venture. 

I've done it, but it is extremely labor intensive, and as a result - expensive.

Constructing new homes and selling them is extremely difficult and challenging.

Mostly messaging with guests regarding issues, questions, concerns, as well as coordinating repairs and restocking supplies. 

@Noah SchulzThe previous owners' failure to disclose a back-paying arrangement complicates the situation, potentially leading to tenant disputes or security deposit concerns.

I am clueless when it comes to the economic development board, but I do know that Waco in general is extremely business friendly and has very little regulations compared to other Texas cities.

It requires significant work, and I'm concerned that some additions made by the previous owner may not comply with building codes.

Are they interested or concerned about neighborhood crime, supporting data for surrounding rental rates that might affect your future cash flow, pictures or video of the property showing the class of the neighborhood and the property itself, ... ?

My main concern was if I there would be any tenants looking for a place in that particular neighborhood.

I believe there maybe a few different ways to tap the equity in my 1st rental, but my concern is that if I take out the equity for a new purchase, I'll be reducing the cashflow of my business due to the additional debt repayment.