Not only must you know real estate laws and business, but you also need knowledge of the legal intricacies of foreclosures, divorces, probates, etc.

I couldn't find many helpful posts about if it's legal in Texas or not.

You are experiencing what pretty much every flipper is experiencing. and let me start with that the 70% rule is only a guideline, and in a market like Denver, it will rarely happen.

As long as it is legal.

However, I want to ensure I'm properly structuring deals, receiving legal and fair compensation. 

Here is the link to the HUD booklet for the fair housing guidelines.

To see significant tax saving, the management income has to be significant so.The bottom line is that PM would be for more legal reasons and not for tax reasons.

Some states do have special guidelines or customs that differ from state to state, but this is a minority of situations.  

What MAY make sense is to setup a Master LLC that operates like a PMC and collects all your rents, pays all your property-related expenses, etc.The owner of each property (you, LLC, trust, IRA, ect.) would have to execute a management contract with the Master LLC, so the Master LLC could legally act on behalf of the property owner(s).Check with Account Closed read our 

In the event of default/non-performance on a CFD for vacant land in one of the hypothetical "foreclosure" states I mention above, does the land parcel have to go to auction, with bidding starting at the unpaid principle balance of the contract (plus late fees, legal fees, etc.)?