Should I take out a second loan against the property?

Unfortunately, while all the online places area great sources of information, you are much less likely to take action, or find someone to shadow, when online in a forum. 

@Jaycee Greene, I have to learn more about house hacking to take a deal like this. 

Apologies if I missed prior posts asking the same thingI want to take advantage of the low down payment requirement however need to find a lender supporting this loan type.Can you please provide any recommended lenders for Homestyle loans (or even 203k) that serve DFW? 

I wanted to take a moment to introduce myself.

Someone takes over your STR, they will be starting from scratch.

Then, take that money and repurpose it into something better.Door culture is crazy.

Quote from @Nicholas Haubner: @Andrew SyriosThank you for your reply, I greatly appreciate you taking the time to read through and give me your advice.

Getting the information takes time and experience but once you have it you'll be light years ahead of others who are just starting out. 

Turns out, the previous owner did take many steps to mitigate the moisture damage and the home was very dry and mold free when we acquired it.