Otherwise we don't get MTR folks as we are way out of town.That sounds like a smart plan!

Does that sound like I am doing this right or should I just buy the property subject-to with maybe a one year balloon, then just bite the bullet and close on the property and once it's fixed up turn around and sell it again.

While BRRRR sounds great, I think right now for the most part in the DFW area it is pretty tough. 

Sounds cliche but always best to reach out to a trustworthy loan officer and fill out an application because there are too many things to look at before determining how much you can qualify for. 

@Lake Lutes sounds good.

Remind them that sound does travel between the units, so if they are on a late night phone call with their friends, to perhaps not sit in the room directly under the upstairs bedrooms.

And, it sounds like you gave them a chance in the past.

There are a lot of gimmicks out there, such as eviction protection plans, free maintenance plans, etc. and Nomad is well aware that "guaranteed rent" sounds like a great selling point. 

With an ARV of $400-425k and an LTV of ~62%, pulling out your initial investment while maintaining positive cash flow around $500 per month sounds like a good strategy.

Multiply that by 52 and divide by 12 and it may sound uncompetitively high to you to compete against a studio?