@Robert BriggsSince a cash-out refi and HELOC aren’t viable options in Texas, and personal loans have high interest rates, consider a few alternatives.

Liability Protection: An LLC provides legal separation between your personal and rental property assets, which can protect personal assets if a lawsuit arises.

Would love to hear thoughts from experienced investors—does this approach make sense for a first-time real estate deal?

So not really a one sized fits all approach which is the nice thing about real estate being able to cater it to yourself and your goals. 

I'm willing to help this person in any way I can.

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).Of course you can manage on your own.

During the last two years we have probably not “Gained” $2mm in profit or equity because we took a defensive approach.  

I typically don't comment on other's businesses unless I know from personal experience.

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Remember that for most owners, their business is very personal to them.