the 70's is much later then I expected you to say for a pier and beam in Texas.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Over the last year we have been working on rehabbing the home which has, like most projects turned out to be a bit more than expected.

But frankly, the only people who are losing now are the ones who are trying to time the market.So, I don't think it's just a weird sales tactic to say it’s a good time to buy, I think it's reflective of the fact that it IS technically always good to buy… as long as it’s a payment that YOU can reasonably expect to pay over the next few years.The reality is, it’s a good time when YOU are ready to take action!

Approval is expected later this month.

Had he asked me to leave I would have but instead he just told me it wasn't cool, and next time he expects visitors to have a business card.

You will file a 990-T and there are plenty of services out there to help with this. 

I don't have an official estimate but the lender is saying to expect 7.25% maximum, but more likely more like 6.8-7%

And, assume that rents increase by 2%/Yr and inflation averages 5%/Yr over the expected hold period, which I will assume is 20+ years.

@Joseph BaenaRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?