Hi Nick, as mentioned before if you put a greater deposit down, you could get a better rate as a result. 

It’s always better to overestimate expenses and be pleasantly surprised than to underestimate and get caught off guard.Hope this helps, and good luck with your analysis—sounds like you’re on the right track!

My suggestion is to start looking for on-market deals immediately to get a better feel for the price points and rents for each market.

Your biggest problems here are going to be how to properly qualify someone, what to do if someone stops paying, footing the bill if you have a big repair item, finding quality and reasonable vendors/contractors to fix things, and keeping track of payments.If this isn't you, give me some more context of where you're at and I can give some better insights. 

There SOW would usually be - 'I want a remodel done on the kitchen and bath, and add a new bedroom on the left side of the house'...Then I would add items that only a GC would know about or notice, like needing new headers for the openings they want, the elec panel being undersized, or the roof being suspect, etc...Together we would then arrive at a comprehensive SOW.Yes, that is much better scenario.

Also, if there are other markets like or better than Killeen, can you please share?

These days I rarely get all the capital back so I have to come out of pocket a little, but I’m still much better off than just putting 20-25% down on a property.

I had a duplex in Hilltop that was doing well for me and sold it 2 years later to do my first 1031 into a Hilliard duplex because it was part of my investment strategy (invest in C class with a 2-5 year exit strategy and 1031 into a better asset class).

Better make sure it's a good deal and get lots of feedback from more experienced investors before you go for it.

If you're sure the land will appreciate on it's own, I don't see any harm in going for it, unless of course your money can perform better elsewhere, which it probably can.