It's very difficult to get the floors perfectly level. (I

Even my best tenants do not keep the interior and exterior to the level I would expect.  

However I am very concerned at the 20% return you feel you can achive and what sort of risk level is associate with that.

If you are using a Tramex Moisture Meter and the level is 0%-2%, no moisture barrier is required.

At least one that was on the level I wanted to be at one day.

The main room is big and 40' long, so yes, getting the subfloors level is the first step.

It looks like median income is still low (25k) and poverty level is 25-40% depending on the neighborhood.

On a personal level, I treat my banker with the same respect as the cashier at 7-11(As it should be). 

New investor here in the Houston area, Katy specifically, looking for others like myself to so that maybe we can help each other get the ball rolling and/or propel our existing business forward to another level. I

I see the advantages of renting (not having the time or budget for owning the site), but if I ever want to get to the next level, I would have to start from scratch if I leave either IC or Lp, unless there's a way to keep the content.