The owner has no outstanding mortgage and taxes are paid.

Some of my properties have probably gained market value in the last few years since I bought but I don't want to make that assumption in this analysis until I have a new appraisal.Taxes have NOT been taken into account, but I think you all know that real estate beats the stock market hands down in this category.My biggest takeaway is that you need appreciation to achieve outstanding returns in real estate. 

Evicting a paying tenant is damn near impossible.

I don’t know, just pull the trigger and buy the damn thing.

They monitor transfers and will appeal the taxes if they suspect some thing; it is only paperwork to start the process.As well there are certain risks / issues you should be aware of;- As noted above, you have to take on the sellers original purchase cost which limits future depreciation- If there are / might be any outstanding liens, they will be yours to deal with- The tri-annual re-appraisal, is being done this year.

Even with a license (not that terribly hard to get here from what I’ve seen) they might not be worth a damn.

This is primarily because I am a buy and hold investor (Cash Flow is King) and damn near nothing cash flows near Austin. 

get the heloc on your present home in place  first   so you have it to use  as needed ..the payment from the HELOC  wont  be  included in  dti ratios  unless there is a balance outstanding ……..also  get yourself  pre approved for the  financing for the purchase of the next property  using the  hypothetical  purchase price / loan amt  you want to target and  also with using the  potential HELOC  payment in the mix  to make sure  all is OK for  approval

These damn crooks are everywhere, please vet your guru!

Ken - OUTSTANDING JOB!