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. 

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

In most cases I have to pay out of pocket every month because rents are not high enough or the property is too expensive.

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

Higher/lower potential?

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

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.

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!