Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Better option for personal use but perhaps not rental. 

I refinanced it into a  5% 30-year mortgage with a local bank as the seller would only carry the loan for a year.

Can the new HB 182 law be used to eject the prior owners of a property that the bank foreclosed on and did not remove from the house after the foreclose?

First, banks do not prefer W2 income over 1099 income at all.

Hi Aaron,It's always challenging when companies go through transitions like this, especially when it involves something as personal and critical as managing retirement accounts.

And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.

And personal downsizing is always good for business!

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Personally, in this market, I would work on saving up and really doing my best to find a great opportunity and pull the trigger then.