Some employers, (when you're 50+) 401k adoption agreements will allow you to do an "in-service-rollover". 

If you have a handshake/wink-wink kind of deal then you should get a Promissory note at least that outlines the terms of the loan and what happens if it default, who the loan is between, and usually in agreements like this the language is broad. 

We represent several developers in Cedar Park, they all developed for owner user + rentals, but I'd say the main thing from a legal perspective is ensuring good GC and sub agreements.

It recommends charging $1,000/month plus utilities, maintaining the property, and drafting a written agreement.

Diving into the fine print of the management agreement.

Unless otherwise stated in this Agreement, Tenant shall establish their own utility accounts, effective no later than the lease start date, pay all utility charges, and maintain accounts in good standing.

And that's to enter contract negotiations, so this would be via LOI not a full purchase agreement. 

The listing agreement would include within the commission property photos, a set number of “door-opener” tours, some hours of phone/Zoom consultation with a licensed agent to set a listing price and discuss offers, counter-offers, and closing mechanics.

Always make sure to have written agreements in place to ensure consistency and avoid misunderstandings.Good luck!

The key is knowing how to force a seller to comply with the agreement.