@Luis Cerwin as others have stated, Nov - Jan is the worst time of year to have a vacancy.Majority of tenants live paycheck-to-paycheck, so all their income goes to Holiday spending starting with Halloween, then Thanksgiving, then xmas, then NYE.January is also historically the worst month for rent payments due to Holiday Hangover Spending.

You can use HML don't get me wrong but if you just put a little bit effort in to pre-planning and getting all your ducks in a row then going with a traditional community bank would be a better option not only for your current new construction needs but also for future acquisitions.

I tend to invest more in South Abilene and many in Wylie ISD but have seen investments produce good cash flow all over Abilene. 

I would also suggest finding a 100% LTC (loan to cost) lender that will fund all of your rehab and all of your purchase.

There are also many new construction townhomes all over Houston, so if/when you go to re-sale, most people can buy new for just a bit more (if not the same) than buy your used townhome.

Did you borrow money from a local bank/credit union for the remainder of the purchase price or did the funds from your 1031 cover all of it? 

Then check off all the things you need to do to buy a property and get them done (get preapproved, find an agent, contractor, etc.) 

I spend all my time finding acq wholesalers who have deals and connecting with buyers.

I am showing 2-4 unit properties all the time here in Phoenix and I can send you the recent closings and listings I have been working on.

Even with all that it could burn down.