Despite its high purchase price, the neighborhood's strong market demand and low renovation needs made it a promising investment for maximizing profit with minimal turnaround time.

It’s building equity in an appreciating asset with a low 2.75% mortgage.

That, combined with hidden repairs combined with self-managing a low income could all construe to thousands in losses. 

Separate checking accounts not required, but you need to maintain separate books and records.The TREC requirement is correct, but odds of enforcement seem low.

These cost about $70 at Depot or Lowes. 

It is the easiest barrier to entry (best Interest rate and low down payment req).

Then if at the end of whatever time you have agreed upon, if the tenant still has not left, you can get the Execution to move them out.There are programs out there that may assist the low income tenant with first last and security as well as some moving expenses at a new apartment.

I've even heard of GCs using auction type settings for returned items at Home Depot and Lowes for steep discounts.I've learned a lot about the GC game as I was up close to over 40 projects last two years and some went well and some did not and when they did not it was all Contractor related.If a GC isn't sourcing cheap materials at the same time milking the hell out of his 150-200 per day workers, then you can find yourself eating into your margins real fast. 

You want to have a statement balance at zero or as low as you can get it. 

If you used FHA you have to live in the property for a year anyway, so use that time to save and buy another one in a year but maybe try a low down Conventional instead of FHA.