As far as benefit to the seller goes, @Matthew Paul I think you are probably right on the money and regardless of whether they would have preferred to stay in this house rather than move, it is likely providing them some excellent cash flow; and I'd be hard-pressed to come up with a deal that serves both parties better than the current situation. 

It sounds like you’re bringing a wealth of experience from the commercial real estate world, which will undoubtedly serve you well as you expand your residential portfolio.

If yes, I would just serve this notice and wait for 60 days for him to move out. 

I had a renter that rearranged all the furniture, left everything absolutely filthy, grease spilled all over the counters and oven, food spilled on the floors and table, trash left everywhere, etc.

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

Real estate is a long game :)Food for thought, especially with a family. 

I am currently serving in the United States Air Force, so as a military member, I will be moving around during my career. 

Through my studies, I met my current employer, who owns a construction company where I serve as the Sales Director.

I'm sure y'all already knew that!

If you are looking at it as a second home, also be happy with a breakeven scenario - afterall it will still serve as a future investment.There are calculators as @John Underwood said, on here and elsewhere.