The biggest reason I would advocate for mixed use is for the reasons you mentioned, the leases are longer, but also the general "issues" around tenants on the residential side don't come into play as much or at all. 

What area of Houston is the property located? 

If you spend the time to properly market yourself, you may be able to raise the money, assuming you do it well.  

Who owns the LLC? 

The seller received multiple offers and agreed to accept mine—on the condition that I waive the appraisal contingency.The biggest concern was the lack of strong comparable sales in the area.

this is the best of both worlds.

The lower the insurance cost, the less likely a natural disaster is to occur.Low operating costs.

The owner is estimating that the Tax Map Key will be available in 10-24 months. 

@David Avetisyan If you sell your home for $510K and provide a $10K seller credit, your taxable gain is based on the net sale price of $500K ($510K - $10K credit), as seller credits reduce the gross selling price for tax purposes.Tax Impact in CaliforniaCapital Gains Calculation: Your gain is the net sale price minus your adjusted cost basis (purchase price + closing costs + capital improvements).Primary Residence Exclusion: If you’ve lived in and owned the home for at least 2 of the last 5 years, you may exclude up to $250K (single) or $500K (married) under IRC Section 121.California Tax: Capital gains are taxed as ordinary income at rates up to 13.3%.The $10K seller credit lowers your taxable gain.

Would be glad to talk more about the area!