I also subdivided the master bedroom suite off from the main house in my biggest SFR and it rents as a studio.

That's a lot of downside for little upside. 

This would combine LTV, combine your cash-flow, and give you one mortgage payment for all properties within that portfolio. the benefit here is you'll likely see better rates, and you'll be able to leverage one properties good equity combined with another properties strong cash-flow.... but the down-side is if you want to take one out of that portfolio to sell or refi, "partial release" can be a challenge. also, most of these are not 30 year fixed, they're likely 5 year terms/ 7 year terms/ 10 year terms on a 30 year amortization... still stretches payments out, but you have to do something ab it again once the term expires. 

I would also look at flood zones specifically in and around the Houston area.One of the biggest factors to look at, as mentioned above, is what the houses cost in the neighborhood compared to what they are renting for.

The downside, these types of loans are more expensive.

Call and get his info, its not the biggest deal in the world.

In PR you MIGHT be able to get financing but that's typically the biggest issue. 

The biggest challenge i've experienced with owning a STR in more of a remote location is sourcing contractors, cleaners, property management etc.. 

MY biggest concern is when it comes to understanding the market changes and how to analyze what city is best.

Okay, not all of the mistakes, just some of the biggest.
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