As someone who lives in Dallas proper, and gets good natured annoyed when some one who lives in Plano says they live in "Dallas" they places you mentioned would make folks who live in Prosper blush (40 miles from Dallas) blush.

(2) Does anyone have any best practices or tips on dealing with rental properties and tenants that have been impacted by a natural disaster?

I would caution on comparing these returns to the S&P 500.Real estate has been pretty much flat the last 2-3 years while the S&P has been on a great run.It's human nature to sell the lows and buy the tops.

In industrial, my experience is clear heights, door count and size, loading dock access, and (probably not the case here) how perfectly level are the floors.I would also run a price sensitivity on how far rents may be able to drop to still make this worthwhile.  

i have a great property i could send you that i found has many great qualities its a cozy modern home with workshop and detached garage price is close to half a million but could very possible to change the sellers mind for your price range seeing as it needs renovations not many but still need them this property is in washington state but the area is good for selling seeing as a majority is rich and looking for nature vacation getaways right by a beutiful lake and mountain contact me if you would like to find out more i will have to note if you consider and take the property i do require a finders fee of a minimum of 500 depending on the deal 

HELOCs are NOT sensitive to the 10 year treasury.

Agree with @Sarah RoskoThe nature of most bookings are out of towners that book before they see the place or really know the neighborhood.

COMMUNITY- will the community support this type of housing (talk to other developers, visit projects of similar nature preferably in the same area and price bracket).3.

Always something new and cool going on in our market! 

I mean, once we get off-market property and do some rehab, we can force appreciate it, but what about the later natural appreciation?