I run the land brokerage arm at Newmark in Houston and sell development sites primarily.

And if there was any land available, it'd cost an arm and a leg.

If you are 75% complete rehab you are very close to ordering furniture IMO.3 - Look for safety hazards - i.e. uneven steps etc.If your time in town is limited I would focus on these 3 areas.  

When you talk about replacing income, the safety of that cash flow is much more imperative, since presumably you are living on it, too.And then you combine both thoughts: safety in income stream to live off of, and cap rates/yields from assets.  

But the risk caused by this, is that the safety cushion is reduced or completely eliminated, and a small problem can cause a catastrophic default on the debt.So, many of these aggressively structured deals have been heavily distressed.

That safety net can ease the fear.Tap Your Network: Got a mentor or someone in your circle who's done this before?

My brother currently lives in Dallas and pays an arm and a leg to rent an apartment (He is married so cant house hack).

Build a Safety NetKeep at least $20K in reserves for unexpected repairs, vacancies, or emergencies.

What measures have you taken to ensure some safety and deter local nuisance?

While I haven't found it YET, I now know that I am armed with good knowledge and have a few team members on my side who are true experts.