Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Quote from @Victor Patel: I recently invested $60K with a local hard money lender who has been established in the area for decades.

Many rural water companies are near capacity.

I'm curious as to how this has affected everyone's local market.

Before you commit I would talk to banks, probably local banks are better than regional or national. 

Would you hire a property management company?)

For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years.

@Micah Huffman unless you are going to commit to learning some basics about being a landlord AND are willing to commit at least 2-4 hours each month managing a Property Management Company - it's probably best you sell.Otherwise, it's highly likely you could lose more due to bad tenants and management.

As always, make sure to run the numbers carefully and factor in local property taxes and HOA fees, which can vary widely in North Texas.Delayed gratification is key in real estate investing, but with patience, the rewards can be life-changing.Best of luck with your search

I have zero affiliation with any of those companies.