I have been told to stay away from lease options in Texas.

If you feel confident in the tenants signing those long term leases, this is a slam dunk and you'll have a cash cow on your hands very quickly!

I’ve learned that it is a very expensive ordeal but having a good lease helps remove the tenants faster.

Since this is a real estate forum, I'd just clarify what someone could buy the real estate for and what your lease terms would be.How many sq ft?

We would take this house in return for a 500k property that is NNN leased.  

You could structure the deal as an installment sale or a lease option so the property owner doesn't see a large capital gain tax payment for the sale.And good on you for helping out!

You need to review your lease. tenant may be responsible for interior, but common areas and building facade should be LL.what is the current rate?

When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

Here's a little background on Tenant situation...has 2 or 3 young kids, an adult sister, an aunt with her male friend and the lessee has a male friend, that all appears to live in the apartment but aren't on the lease.

I also consider this entire Arbitrage / master lease as passe'.