Leverage and invest at 40x $100 000 properties ($20k down + $5k closing cost, 30 yeas fix rate loan) with a return of 10% where you have better asset protection (my keeping lower equity and higher bank position), you are hedge against inflation (agree with me, in 30 years $1 000 000 purchasing power will be less compare than $1 000 000 today) Here is how looks mathematically:1. 10% on $1 000 000 (10x $100 000) = $100 000 / annually - No interest tax deduction- No loan paydown benefit2. 10% on 1 000 000 (40x $100 000) = $400 000 / annually - debt service + full tax benefits+ loan pay down+ hedge against inflation for 30 years+ better asset protection (by maintaining lower equity  position)   + (not guaranteed of course) if appreciation happens, it happens on the all full asset amount, example:If appreciate 10%:In case "1" you will have 10% on $1 000 000 = $1 100 000In case "2" you will have 10% on all 40x properties (40x $100 000 = 4 000 000) = $1 400 000As far as cash flow, as long you buy "right" CAP 8% and higher you will have stronger cash flow on leveraged asset + all additional benefits.

Single family or multifamily, flips or rentals, new developments in light areas or infill lots?

We’re developers managing our own portfolio and don’t have any outside investors.

There is only 1 guarantee when you buy a property - you are about to spend a pile of money.

Many Texas cities are incentivizing developers to build affordable housing units, but challenges remain around keeping these homes accessible long-term.

I ran your numbers through my own development proforma analyzer and it looks really good as a DSCR loan. 

Plus, you get huge appreciation here based on how many companies are moving and developing here! 

It's no guarantee but it's a good place to start.

Quote from @Shelan Davis: I have house under construction in Cape Coral with Whitestone Developments.

No guarantees but something to consider.3.