Ideally, I would like to have 5, 10, maybe even 15 joint venture rental properties.

Utter blasphemy, only "unsophisticated" investors buy in cash.An experienced investor once told me "why use my cash, when I could just default on OPM" I know its not popular thought on BP.. and of course ramp up requires it unless you inherit a ton of dough but as we age out I sure like free and clear and no debt.. just the hassle factor of having to make payments :)

This includes flooring, painting, bathroom upgrades new light fixtures, usually there’s about $800 in electrical costs factored in here and all new cabinet hardware.

What factors should I consider when making this decision?

I would try to find an agent with investor experience and, ideally, a focus on investment properties. 

@Abdul HafeezRates and LTV depend on many factors. 

I own a small multifamily commercial in Albuquerque and can confirm the diversity of the economic and cultural factors that you mentioned. 

(I know everyone doesn't have that opportunity.)Another factor is the type of deals you're looking for.

When it comes to analyzing properties, I’ve developed a specific checklist to make sure the home fits both resident needs and operational goals:Square Footage: Ideally, at least 2,000 sq. ft. to ensure enough living space for residents and staff.No Stairs or Pools: It reduces liability and keeps the home accessible for everyone (this is just my preference).Corner Lots: I love corner lots because they often provide extra parking and outdoor space—both of which are critical for families and visitors.

Yes they aren't ideal, but in DFW you're essentially using those costs to get cash flow for on market properties which does not exist anymore in DFW under the traditional long term rental model.