If I choose to rent, I might make around $200 - $500 a month.

Plus you'll most likely make more money in home value growth compared to a multi family. 

@Michael DartenMichael,Let me know who choose and how it works out, I wouldn’t mind having a backup.

To choose the correct path for any particular business a number of questions need be answered first1.

Yes, very interested in investing and would love to own a few multi family properties, here in state.My immediate goal , so far, is finding investors to secure my proposed properties.What's your strategies?

(And I know a wrap probably isn't the first option many would choose, but I'm in Texas so its really my only option)

Housing mix will change; more condos and co-ops and multi-family apartment buildings.

Or only to properties being managed in an external Property Management function?

Then you could choose if you want to move into that next house and sell your current home with some tax benefits.

If you have your own business/self-employed you might qualify for a Solo 401(k) or multi-participant 401k whereby you can self-direct into real estate with those funds.