-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

Also what are solid reasons/hardships I can list in my rezoning request that will get it approved?

In my mind sub to is for short term .. long term rentals is very problematic for many reasons. 

Wimberley still has a lot of upside, and if the cost to rebuild and remodel is similar, you go with the new build.  

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

You will really need to look hard in order to find deals that make sense and you really need to take you cost of capital into account when doing your analysis.

So, this cost a bit more in closing costs BUT your are out 34,750 plus closing costs instead of putting down 25% of the 340k which 85k plus closing costs. 

It is very effective in and of itself so it is something that can be done reasonably cheap without taking a ton of time.https://www.greengluecompany.com/

Every project needs a quote and you should be able to estimate the material costs.

It saved my quite a bit on interest costs.