The covenants with credit unions are saying borrower can not add a loan in second position without written approval from the lender. 

Apr. 1, 2010) (The Tax Court rejected a 1031 exchange because the taxpayer failed to demonstrate investment intent citing, among other factors, the taxpayers’ failure to research whether certain covenants permitted the use of the real estate as rental property and their minimal efforts to actually rent the property).

Seems safe enough. c. run a tight ship with you contractors.

This way you can use good debt to buy your properties. i have also learned there are local federal programs in your home county that can assist you with paying your down payment and closing costs on your first property called SHIP program, or other programs like USDA or FHA can get you vey low down payment rates. hope this helps!

The target market with the lot price point and the building Covenants are people who have the money and are not as impacted as other home builders.

While I’m aware this isn’t quite “untapped” territory it could rise like a rocket ship over the next 10 years looking at the trends that Austin/San Antonio could turn into a major Metroplex to the likes of Dallas/Ft Worth.

I would highly encourage you to stay in your W2 job and try to build a real estate business for a bit, rather than just jumping ship. 

That ship sailed 2-3 years ago.   

Acquiring businesses is always a quick way to build up your portfolio but you might have to resign those units so make sure they aren't so unhappy that they jump ship.

So, the long-term value is closely tied to the cash-flow potential.When it comes to the whole area, that ship has sailed in my opinion.