It's going to be a function of your goals, your personal risk tolerance, desire for anonymity, etc.Talk to the custodian, your lawyer and to your own CPA about these issues for a solution tailored specifically for you.

Just make sure to tailor it to the property you're making an offer on.

Soon after, I grew to know what he was looking for an tailored my search - which ultimately lead to finding him a Triplex in the Midtown area that we recently closed on. 

Also wise to be sure your list is tailored to a specific group of people, no 'spray and pray' of huge geographical areas, unless your marketing budget allows for this.  

Any advice on how to find out if there is still a business opportunity to provide comfortable, reasonably priced housing that is tailored to this group of customers (Poker table, kegorator, etc.) in the Houston/LaPorte/Deerpark/Baytown areas? 

I think it's a matter of talking to banks who understand the asset class, but the SBA LOVES Self-Storage, and has a 90% LTV Program custom tailored to it. 

So this advice will be tailored towards that.  

I think if you were to tailor your listing description you will attract the right guests and it will not be a problem.  

If the seller agrees to one of your options, then draft a formal PSA tailored to the choice with earnest money and all that.Always offer very specific amounts.

Once you know what he is looking to get out of the deal you can begin putting together your negotiation strategy that is tailored to what the seller is looking for.You also want to try to get as much information on the property that might potentially kill the deal now.