@Tyler Ashworth Did you ever buy any investment properties in Abilene?  

I wouldn't consider buying real estate if I didn't have $160K cash in hand.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

If you buy a very large (many bedroom house) the rent by the room also will cashflow.

People line trees, water, walkouts, boulders.  

An old business associate once told me "There are two people in this world you make sure you pay...the IRS and your attorney."

Finding, As hard as it is to find people willing to sell Subject To their existing financing, they can be found.

Now go drive to buy one, of course it's end of the day.  

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house. 

I buy houses!