The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

I only ask because that is, in my opinion, the most challenging part.  

Of course, these properties are full of challenges so be prepared before you start. 

What are the biggest challenges people have faced with this.

if he's getting into capital raising to raise 25k or 100k he needs to stay with his corporate job. raise that number by 10x and do something that's life changing. challenge yourself. 

Yep, a recurring theme is that communication from the operators is essential -- especially during challenging times.

Rents will rise much at a much faster rate, so the challenge of finding cash flow (enabling more investors to become "capable") will gradually recede as SFR cap rates gradually expand - it will be a process, not an event - over the next few years.

Challenges?

Good Lord, given what he’s accomplished with his challenges (not just Quest, but also being a very good man), what in the heck is our excuse for doing less?

House HackAttend as many REI meetups as you can to grow your network of investors for referrals, help through challenges you may incur but don't have experience with, and learn from proven guest speakersNetworking app like blinq to compile all of your contacts for REI in one area with phone and emailbegin conversations with local credit unions exploring what type of loan products they offer