Not sure I am a good fit but happy to point you in the right direction to get you going.

I read about a 203k and it seems to be a good fit.

I was thinking of adding a awning for shade and pavers on ground . since the units are so small  this extra space could also fit a table for dining besides making the laundry area shaded .will it help to increase rent ?

The barrier of entry is high for quality STNL's but it protects my downside and fits my investment strategy of stable predictable cashflow. 

We have now received drawings and observations from a structural engineer but the type of work we need -which includes engaging with the city of Houston- is above the capabilities of our existing contractor, who is better fit for minor rehabs.

Which one fits your personal style best?

We think the Chalet design is a good fit for a vacation STR.

A FHA loan may not even be the best fit for you or you may have things you should be working on for the next 3-4 months that you should be aware of now.

Everyone has a different goals and investment criteria, so this is not a one size fit allkind of situation.I will suggest that you clearly define what you what and do some research then go from there.A local Investor-Agent can help shorten your learning curve and save you a lot of headaches asthey tend to understand the market better.Use Niche.com, Greatschools.org and Msc.Fema.gov for your research.Goodluck and go make it happen!

There is no one size fits all but generally 10%+ CoC.