I read the wholesaling is legal in Texas but what are the restriction.

Which is easier to deal with than a non paying tenant.Once they're gone, you'll need to tighten up your screening process or find a PM to take over.

Mid term rentals however are another viable strategy for the area should further restrictions come into play.

It'll restrict that cash flow, but unlock a nice option for the family.

This can give you the flexibility to fund your flip without the restrictions of a HELOC.

Being that your tenants are month to month does provide some relief for the new owner in terms of being less restricted on raising rent and/or replacing the tenants.

Quote from @Tenzing Palmo: Hello I’m looking for my first investment property in Dallas Texas, I live in nyc so I don’t The trick with new construction in many of the growth cities is that don't allow rentals in the HOAs or have super restrictions. 

Here’s the idea:A private lender could pay off the FHA loan, allowing us to give them the first lien on the property.This would free us from the FHA restrictions, enabling us to move to a more suitable living situation while addressing the lead issue at a later time.What I Need Help WithPrivate Investor Leads: Does anyone know of private lenders who might be interested in exploring this option?

Under this idea, you'd need to see if the Health dept has any restrictions for your septic system (which i assume you have) and if the power company would meter the 2nd unit separately. 

Paul has in the past enacted restrictions on raising rents.