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

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

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.  

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

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).

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. 

My attorney stated not only must the person who failed to pay taxes be given notice but also the squatter as well since our suit names persons who were in possession of the house. 

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.

I would focus on the house hack and not take a pay cut.