You can use alternate financing (assumed loan, sub-to, owner financed, etc).  

I'm assuming it would a SFR or 2-4 MF, is that correct?

So I would assume the San Antonio project is sold out if the terms have been adjusted to be more reasonable.

You may possibly need the occupancy rate if it isn't already factored into the revenue estimate.If it's already factored in (assuming it likely is), next you'll need to factor the operating expenses so you can arrive at a net operating income.

With those kind of days on market I assume you're in Sunterra area in Katy.

Also, with a VA assumable, if the one assuming the loan is not a veteran, then the seller (veteran) entitlement will still be tied up in that property.

I dont know the delivery time on a ADU but I'd assume same with site plans and zoning. but how do you get your money out of that?

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

But you can't do that without investors assuming your average guy/gal and I don't think I'm cutout for that and that is a lot more hands on. 

The good thing with that, assuming it is a good investment property, if that job doesn't work or you get transferred or you decide that you don't like that neighborhood for yourself then you just move to where you want to be and rent out the unit you were living in.