It depends on the lender but at a min they must follow TX SML or lending laws in the state in order to compliantly lend in TX, on whether choose to apply this guideline to all types of occupancies or transaction types (non owner investment, second homes/primary residences, etc)80-85LTV on rental properties is only on the purchase for fannie/freddie loans but on rate term refinances its max 80% and cash out max 75% for 1 unit and up to 70% for 2-4 unit cash out conventional.On HELOC's and rentals are up to 70-75% depending on the HELOC investor or product.Its good to distinguish between what the lenders are willing to do and for which product and also these loan products must abide my state law as well as an additiona layer of "overlays," on top as well (whichever is worst / most conservative).

To be honest the rental market right now is super slow.

Let's be honest. 

If so, that is something that you should plug into your model and see if the deal still makes sense.To be honest, a 3 year IRR is almost meaningless.

@JD Martin it will , because I can than get a primary residence without the car debt showing up on my debt to income

Investment Info:Single-family residence buy & hold investment in Stafford.

Future residents could essentially buy out their units and fund your build. 

Investment Info:Single-family residence fix & flip investment.

@Trenton MillerHey Trenton,Land valuation is the most important skill you will need to develop, and honestly, the only way to be better at it and not just take someone else's word for it is to truly understand zoning.

Investment Info:Single-family residence buy & hold investment.