My neighbor has numerous MF properties and he believes it will come in somewhere between 650 and 7. 

Thank you all for your opinions and insights, in light of the recent information we have banned Bob Prisco from the forums effective immediately for breaking numerous forum rules.

Since there is even less documentation to look at/review with this, pricing is a bit higher than your typical DSCR LTR/STR product, however, there are numerous ways you can structure the deal to make certain the #'s work for you.

it is rewarding if you invest the time with not only the rental but the tenants.  

It certainly isn't next to passive like LTR'S  can be.Vacation rentals can also be very rewarding and fun to own.

There are numerous property tax protest companies in Texas.  

You're informed, understand the cost of insurance, and have analyzed the risk / reward. 

When I established my investor services business in 2005, I posed a similar question to numerous experienced property managers.

Underwriters want to see that the property is in an area that will support the valuation of the property with numerous comps so they can have confidence in the appraisal.

They legitimately feel that it would be amazing to sell to us.While everyone just turns off their brains, and work harder instead of smarter just for that illusion: "see I did so much work,  it has to mean I am closer to the reward", but sadly it is all it is an illusion.I rather work smarter, not harder and have whoever that is motivated, come and find me, instead of me chasing them.