Long story short, I ended up hiring a general contractor under a cost-plus arrangement. 

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

From experience, a good number of those who apply without viewing the property tend to rush the process and may try to hide disqualifying factors.I recommend sharing your screening criteria and fees with prospects before arranging a showing/applying.

My life as a low C-class landlord is milk and cookies every day, chocolates when it rains and flowers when it doesn't.

(Other financing arrangements might be possible.)You can only obtain one home equity loan per year, even if you have fully paid off the prior home equity loan.Regulation of LendersTexas restricts who may lawfully issue a home equity loan.An unlicensed person is not permitted to make a home equity loan unless that individual is either related with the borrower to the second degree, or is the seller and is providing financing for the property.A home equity loan must be secured only by the home itself, and the lender may not attach the loan to any additional assets as collateral.

I collect the first month's rent the day they move in.In my area, I am comfortable working with the existing tenant to arrange showings before they move out.

In a rent-to-own arrangement, you typically enter a lease agreement that includes an option to purchase the property later.

The DSCR loan allows you to close and title will arrange the vesting to the LLC.The LLC will protect you and your assets against any renter liability/claims.

You have $606 after tax dollars to spend on the rest of life's expenses, including investing, buying flowers for your significant other, cell phone bill, water/electric/vehicle expense/food/childcare/hair cuts/vacation. 

We can also arrange a phone call with my property management team to answer any questions.