Best regards,Yaroslav @Yaroslav Shtogun what about a slight adjustment to the property line and executing a no build easement so that you're achieving the purpose of the setbacks?

If you did finance some of the purchase using a non-recourse loan, then you need to read up on UBTI/UDFI and there are some taxation benefits that the IRA can achieve since it now owes taxes in that scenario.

Long term/ short term rentals would work, ideally in the $400k range or lower. 

In most cases, to achieve cashflow, you would be looking at a property with at least 2 units (main floor + basement suite).

These areas could all be excellent long-term plays.

From there you can start to identify what you are looking for.Where do you land on the follow spectrums:Cash flow and AppreciationLong term or Short term needs (waiting for growth vs get out of my W2 now)Long term rentals, Mid term rentals, Short term rentalsBuying close to home or coast to coastSelf manage or hire a PMIf you can narrow in on those, you essentially have your buy box. 

I have a w-2 income and own three properties, all long term rentals, that I've had for a few years.

We are considering investing in Houston as foreign investors (from Belgium), our goal is to find and start with a long-term rental single or multi family home. 

That said, I'm grateful for the alternatives you present--you're keeping the bottom line in mind, so I appreciate your help in exploring options that achieve the bottom line for the investors. 

Doing short-term rentals would be very interesting.