Houston does take a hit during an O&G recession but it is quite robust and hangs in there during the worst times.

You need robust back end systems for tracking and escrow flow.5. you need some pretty good analyticals in your office to figure out values.6. you need very good idea on rehab construction and budgets.. 

responsibilities for day to day running, in all relevant areas of activitytactical decision making (day to day)strategic decision making (longer term policies)what things can only happen if both parties agreewhat will happen if you can't reach agreement on some major issue - ie deadlockWhat happens if either party 'wants out'?

There's a robust Bigger Pockets crowd from the area. 

In this case, who makes the strategic decisions on what services will be offer to tenants?

Then, I would ask to make sure the area aligns with the county/city's strategic plan.

I was a little nervous talking with my last responder about there house and wished I had asked more strategic questions.

The key is to work with someone who can come up with a strategic plan to target the correct banks and lenders based on our specific situation and goals instead throwing applications at a wall and hoping for the best.

Non starter in higher value or robust markets just not going to get anyone to sell you a home at 70% of market minus rehab.. 

1. get deals flowing from wholesalers2. do your own deal research3. find houses that need a lot of TLC4. make sure you have a true comp (more is better) within 1 mile of your subject property that justify a good ARV5. run the rehab numbers w/ someone who really knows contracting6. build in a robust timeperiod to rehab and sale, along with contingencies for time and rehab7. get the best hard money deal you can get8. take into account all of your acquisition fees, escrow, title, HML points, etc...and selling fees (agent comm, taxes, title, etc)9. make sure you can at least make %10 NET of your sell price (so if you sell the home for $500k, your numbers should have you at $50k+ net profit in your pocket when you close and everyone else is paid.Onward!