However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go FHA has the self sustaining requirement that requires the three non owner occupied  units to cover the entire PITI which with 3.5% or 5% down is virtually impossible with today's interest rates and price level.

So while deductions today are generally worth more than future deductions.

I was still considering this today. 

Realize that today you are looking to buy into the real estate market towards its recent peak.  

This was also not mentioned until today. 

Odds are with 8 building on 1/4 acre, you could never develop that densely today in Wimberley.   

In today’s housing market, where inventory remains tight and competition is fierce, speed and decisiveness have become critical factors in securing a home.A Market Defined by Scarcity and CompetitionThe U.S. housing market is still struggling with the effects of years of underbuilding following the 2008 financial crisis.

What is the value as of today, if placed on the market, subject to sales commissions, capital gain taxes, Depreciation recapture, etc.

Those rates are not as nice as rates we got a few years ago for less than 3%, but in today's market I'll take those rates. 

Not considering it will take years of perfect rental with no vacancy or capex just to “break even” with where they are today.