Honestly, your best bet is not take anyone elses word for it, but do your own research on trends, economic data and come to your own conclusions.

Then he bet me that he'll be there a year, and if he last that long, I'll lose the bet.

And if you get involved in tax auctions they come with up to a 2 year redemption period that clouds the title.

I know investing in real estate is never completely passive, but from those of you with experience in larger properties like this, what types of situations typically come up that the owner has to resolve or become involved in?

I have also seen good advice in the forums on getting involved with the local REIA, so I'm planning to do that.Do you guys have any other advice for a new investor in the Houston market?

You can bet that purchases I make from here on out will definitely be going through a much different qualification process!

Or would that not make sense because of the closing costs involved?

I’m not saying this to brag just to say that when you demand a months rent deposit, you can bet I’ll argue against that lol.  

I contacted an attorney and he will do it for a $1,000 retainer as well as $250 per hour for the legal work involved.

Its educated gambling..... and you may hit a grand slam...or you may get punched in the nuts...... its personal decision on your risk tolerance.Sometimes that huge leap of faith and "screw it, I'm going for it" can reap huge rewards....and sometimes it doesn't.For every "I bought it sight unseen and its doing great", I would easily bet there are dozens that have been totally screwed...some of them don't even know it yet.