Awesome to see a new investor-minded person here.. do you have a favorite real estate success story already?

Personally, in this market, I would work on saving up and really doing my best to find a great opportunity and pull the trigger then.

Personally I would want to manage the rental myself at least in the beginning to make sure you get good ratings.

As long as no “healthcare” services are provided (like medication or personal care), it’s not regulated by the Department of Health.

Better option for personal use but perhaps not rental. 

Personally, I'd cash-out refinance into a 30 or 15 year loan.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

However, you can get loans that are based on the performance of the rental and not your personal income and debt.

Personally, I'd start looking in markets you're familiar with, similar to what you said in your post.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.