In fact, there may be other home service opportunities with quicker growth potential worth considering.Additionally, be aware that in Texas you’ll need a broker’s license, not just a real estate license, to operate a property management business.

I'm looking into possibly doing a 1031 or reverse 1031, have kind of identified potential markets. 

I think you can definitely run into a potential guest using that against you in the near future and opening the door for liability. 

If a variance is needed, they're estimating 3-6 months, up to a year potentially. 

Higher/lower potential?

Although this is a long term investment and not in the main stream, it has added a certain level of comfort knowing the above potential investment risks are to a degree reduced.

One of my recent failures was underestimating the importance of clarity in conversations with potential investors.

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

So, you could potentially avoid paying income tax on all profits!

Paying $700 a month out of pocket isn’t too bad considering you’re in a great area with high growth potential.