@Dan Mitchen I wish I had the budget for something in a nicer part of town, but the way I look at it, if I'm working in a lower price range that will bring a different set of problems, at least it will be a good lower cost learning experience. 

I can only really speak for Tampa but if you buy a unique and/or amenity rich property in the right part of town and do all of the management pieces right you can and likely will be successful. 

Turns out the house is in a great part of town local to us and we see ourselves living there.

Like you have a 700k house on a lake in a well to do town in Michigan let's say. 

-I live in a modest apartment in the center of the Denton square- Denton Tx is a college town and there are many renters, especially college studentsMy question is, if you were in my situation, what is the best first move here?

If the remedy was designed by a qualified professional, the work carried out be an experienced contractor, the work was permitted and inspected by the town, then the value reduction would be zero.

Well no one is biting probably because I only listed it on the local reia website and everyone is not wanting small towns.

While I’m based in California, I’m looking to begin house hacking a duplex, triplex, or quadplex in Houston, Texas, and build from there.I’m looking forward to continuing to learn, becoming a property owner, and taking full control of my time and life to eventually quit my 9-to-5.

Clearly…we do have all of that under litigation and “under control” already.  

You'll quickly narrow your search based upon what's feasible and a part of town where you want to be.