In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

How true is this, and how could that affect my real estate strategy if I were to enter the Texas market as a Washington State resident?

This is a good opportunity in a strong market, and with your excellent credit and HELOC funds, you’re in a great position to make this project happen.

CT spots like Bridgeport and New Haven also pop up a lot in conversations about good starter markets.

What markets are you looking into? 

Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.

Purchase price: $275,000 Cash invested: $129,000 20-unit hotel, was abandoned and had sat on the market for 3 years.

If you're looking to connect I am happy to chat about this market and find a property within your goals.

At what point do you start marketing?

STR seems to have better tax benefits (in the right market) but is it worth it at a distance ???