Then based on @Michael Baum's suggestion, I think I will have my cleaner and/or maintenance person do monthly/quarterly maintenance like using using enzyme based cleaners, grease fighting drain treatments and hot water flushing. 

Seller Finance - in it's pure form is for a property wholly owned "free & clear".

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

That's easy compared to trying to fight and erroneous $13k water bill (a real issue we had) or an insurance policy tripling (that too).

It's wise to stick your toe in the water first and fail fast in a small way if you're going to fail, right Vanessa?

The owner also needs to save for big ticket items that may need to be replaced every 10 or 20 years such as AC, hot water heater, furnace, roof.  

For example, the iconic Malibu waterfront homes were built directly over the water, many by variance, and assumedly will not be permitted to reconstruct, certainly not with the same materials or attached architecture.

Due to this water being behind levees the water stayed up for 4 months. 

What is the speed of the internet, is it hot water (international property holders), is it AC.These basic clear descriptive items are great because if the price is fair and it clearly states the benefits.

I have no idea what performance of the first two funds has been like, and maybe they're blowing it out of the water, in which case they might partially justify a more expensive carry regime.