I work with a ton of new investors as a realtor the #1 way to get started is just find a 2-4 unit in decent shape and buy it low down with conventional financing 5-10% then you can live in it for a year and do another next year.

You pay a bit more, but you get exactly what you want and don't have to worry about maintenance for a while which is obviously a savings.I live in the Woodlands, so considering the location of my home and rental property, I'd ideally like to build this in the area of The Woodlands, Conroe, Spring, Tomball, Klein, or Cypress. 

Purchase price: $65,000 Cash invested: $30,000 Sale price: $195,000 Live in flip.

You don't want to lose your rate on the house you are living in now unless you want to sell it so since that is an owner-occupied, you need to stay there and save up the 20 percent for the second property based on what you said.

Two identical homes located next to each other would come up with the same value, even though House #1 was just renovated to a very high standard and House #2 hadn't ever been renovated since it was built in 1949.I always tried for an identical (or nearly so) beds, baths, sq ft of living area, garage and acres. 

I assume that is to assure them that you live in the rental.HOA's that ban STRs trump the law if it is allowed in a particular area.

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

House hacking with an FHA loan (3.5% down) could be a smart way to start while minimizing living expenses.

As of right now I do not have any living plans lined up for next year.

You are (almost) always better off investing where you know, which is usually where you live or have lived.