I need some 3rd party opinions.

The SEC defines a security as a contract in which an investor expects a return based solely on the efforts of a third party.

Maybe even in Nagodoches (I think I partied there 20 years ago when I was in the Marines...

Plus a 8 bedroom or even 6 bedroom house is normally considered a party house, because it's exactly what the partiers are looking to rent...the bigger the better.... so you better screen extremely well.

I think this part is depending on the exact location and supply and demand.  

The other part is catering your business to fit your personality.

Your agent needs to reach out to to the escrow officer with cancellation instructions, this document will say who will be receiving the earnest money and all parties must sign it.

The second part is to do a ton of research and see if the rents have also continued to increase over a long period of time...again it's probably safe to assume they will continue to increase.

They would have to redeem like any other interested party and would pay statutory interest which today is around 1%.  

There will be closing costs, third-party inspections, loan assumption costs that'll be between $100K and $200K.