@Michelle Hardy Just adding, check your local city too for their requirements, many have specific requirements that the state may not have.Here in VT in the towns my properties are in, there is not a requirement to keep them separate or pay interest. 

We can still choose how much to pay someone to operate it if necessary.

There are quite a number of things that can make utilizing an FHA loan more difficult such as more barriers during appraisal, appearance of low qualification/little cash, typically longer closing period, likely higher interest rate, and PMI cannot be dropped without a refinance if 3.5% down.That said, just chain 5% down conventional loans, and make sure your duplexes pay for themselves.  

So that with paying my investor 6.3%, they will get a passive income of $2,532 every month ($30,384 every year).

Since Texas is a tax deed state, you gain ownership at auction, but the previous owner has 6 months to 2 years to redeem it by paying your bid plus 25% interest (in year one).

Use that loan to pay the back taxes and get things under control.

You've got to include loan pay down, appreciation, and depreciation in your return calculations.The point of cash flow is to keep you safe.

What would I need to do to structure the note in order to have a note buyer come in and buy the note or buy a partial enough to pay off the 215k at closing and still have some difference coming to me or the note revert back to me after the partial was paid for. 

However, chances of making a mistake or overlooking an opportunity to save are higher when it comes to rentals.The dilemma is whether it's worth paying a professional in this case.

That's basically what I used propstream for the most and if I can pay 100 a month for resimpli and get those features and also the crm and accounting features I'd be happy.