If you have fair credit, verifiable rental history and consistent income you can easily secure FHA financing in Houston and the inner city is the ideal place to house hack because of it's proximity to all the cool and trendy places downtown along with the major universities and Med Center.

However, all first-time homebuyers must complete a homebuyer counseling program.The grant may be used in conjunction with other programs, such as FHA, VA, THDA, USDA/Rural Housing and Community Investment Cash Advance.Homebuyers may be required to pay back a prorated amount of the Welcome Home grant if the home is sold or refinanced during the 5-year retention period.Property Requirements for the Welcome Home Program Property must be used as the homebuyer’s primary residence.Property may consist of 1 to 4 units.

In response to your question about a purchase with an initial cap of ~5% equating to a great long term investment - equity growth potential is certainly part of it, but I’d argue that the propensity for consistently increasing rental rates and the stability of the overall rental market are an even bigger piece of that puzzle.I can’t really give you a definitive opinion on your specific situation without knowing more about the current make-up of your portfolio or your goals for passive income.With that said,  there are absolutely  methods to reposition equity in high growth potential properties to more income-centric opportunities within our market. 

If you can learn to consistently buy property with no money, you will never run out of no money.

I've consistently been keeping track on the MLS with my agent and we'll be in town looking at all the potential deals this upcoming weekend.

Jessica Brown congratulations stay consistent!

We inherited tenants and the current rents are month to month and have not been raised in years. (8-10 years) some Tenant’s have leases to prove some don’t, the stories are consistent across all and the houses are not to close to each other.

As long as you're consistent and stick to your strict qualifications, you'll be set! 

. $350k is still not getting to $2400 consistently - even in Summerlin.I am seeing a slow rental creep in the sub-$300k homes.

Currently I am aggressively establishing acquisition position to begin developing buy-and-hold portfolio consisting of residential multifamily (3-4 unit) and commercial multifamily (5-20 unit).