@Cam Galasso I am not familiar with the local Texas FHA guidelines but in CA, you can use an FHA/conventional loan for a second rental property purchase as long as it is a 1-4. 

And the "depression commodities"; sex, booze/drugs. 

The benefit to the owner occupant is that they are building equity, and don't have to worry about landlords, CAM, or etc, but they pay for that with association dues (which eat up your cash flow).

Felonies, SEx crimes, drugs - No way. 

Federal and Atlantic area there are crimes nothing major murders or the like but did find  theft , stolen vehicles, but like everywhere a lot of sex offenders 

@Darius OglozaImagine thinking that doing a PSA advising people who paid for sex should get tested is a good spend of $$$.

Some gotchas that are common. insurance (sometimes past what your bank needs), property taxes, individually metered suites, CAM/utility costs (if operating), fire/sprinkler check/tests, electrical up to code, fire exits- if not up to code. 

You will most likely want a management company to take care of common area maintenance (CAM) like parking lot maintenance, snow plowing and landscaping, which as mentioned above, you will bill to tenants in proportion to the square footage that they occupy.

@Peter Schuyler i actually just cam across cozy and I think that's the way I'm going to go!

The most recent case is that of Epstein, Donald Trump's billionaire pal who got arrested for sex crimes, had a girl friend that went into hiding.