If it is someone you know you can give them a straight return as if its a loan - can provide a lower interest rate to provide upside - it really depends on the lender and what are they concerned with and what is their risk profile. 

Houston's diverse, and the real estate market is buzzing.Check your budget, how much risk you can handle, and what you want from the investment.Montrose, The Heights, Eado, and Museum District are buzzin' with mid-term rental potential.Research the neighborhoods, check the rates, and do the math on costs before diving in.

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates this year).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

One difference was to have two properties appreciating (though at very different rates as they were in different areas) instead of 1.

Looking at a property that would be a somewhat turnkey STR, it has great numbers and occupancy rates.

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.

Interest rates are changing every day. 

As you go on your real estate journeySomething I would recommend for you is this website. https://www.areavibes.com/Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

There’s a lot of construction, which could hurt both prices and vacancy rates.

So with interest rates high...