I took 30% equity for my work on the deal and as the Manager, the investor/members (of which I am also one) share the other 70%.We put 20% downPayouts occur at least annually per the Operating Agreement, but the plan is to issue quarterly dividends.  

Thinking quarter sawn white oak for being impervious to water and just.....different on the grains. 

This will take a lot of work and money, but you should easily be able to sell EACH side for more than a half million, considering your old (I say old because they don't really make 1-1s in Austin anymore) house is worth a quarter million.Again, the info you gave is limited, so if any of my assumptions are off, feel free to disregard, but most likely you are in a good position to significantly increase your net worth.

There is a guest quarters(which is 1bd 1bath) and a 3bd 2bath home on an acre.

We buy around 3 million worth of buy and hold deals like this per quarter in NOVA, with our capital partners.

My target market was not clearly defined, I dropped mail too far apart (I was mailing quarterly), and my overall marketing budget was spread too thin (I was doing postcards, hired a va to do internet marketing, and I was doing shared mail).

John Bel EdwardsJazzfest, Red Dress Run, the Gretna Heritage Fest and French Quarter Fest have been cancelled. 

There are hundreds of older houses around here that have in-law quarters yet are still zoned single family residential.  

In the second quarter of 2008 home ownership was about 68.1%.

Do your best due diligence long distance and then fly out there before you hire anyone and the first several deals followed by the big deals and bi-annual or quarterly random checkups.