I entered criteria into Zillow and then received postings.

If you and your husband own the relinquished property in your individual names, and you intend to own the replacement property in an LLC, if both you and your husband are members of the LLC it will be deemed a partnership unless you live in a community property state. 

You should always pick a CPA who a) you are are comfortable with and b) who can best advise you according to your individual needs.

A contract was entered, the buyer attempted to cancel and get the deposit back but the seller refused.

If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

Best bet would be a “partnership” with a monied individual looking for a high risk/high return passive investment with you providing the “active” part.  

I look forward to connecting with like-minded individuals, learning from your experiences, and contributing to this community.

Private money by definition is a private individual - they set their own rules for engagement and appetite.

How true is this, and how could that affect my real estate strategy if I were to enter the Texas market as a Washington State resident?

I see that we have responded to each of your emails sent from our support team, but please keep an eye out in your inbox as I will be reaching out to you individually to help with any further information.