The fees on holding aren't really the issue, it's having our money tied up.

From what I see there are two separate issues that may or may not be solved concurrently.

I am having an issue with insurance renewal, do you mind sharing information with me as well?

My parents live in the Katy neighborhood.It is very safe and from what I understand, has a good school system.A lot of the homes are 'newer builds' since it is still a relatively new neighborhood.You are also in downtown houston in about 30 minutes during non-rush hour times using the I-10 highway.I don't think you can get the 1% rule anymore in the area but close to it.Since the homes are newerish, hopefully the property won't have too much renovation / repair costs.Best of luck

Land area spans from Rio Grande City to South Padre Island.I think it's not heard of often bc we're not as mainstream as other big cities and we are also a border town so cartel violence tends to be the issue that comes up.. but Mcallen has actually been ranked top 3 in one of the safest cities to live in in 2023. 

The issue is that you won't get to capitalize on existing equity (ie, getting a 'good deal on it') for being able to maintain some existing capital. 

If their is any issue I would make the current owner remedy the situation and get the township to give you a "clear U&O".

As long as you qualify for the loan independently of the funds used as the GAP funding, most lenders shouldn't have an issue.

Sorry you are having to deal with this issue as a new landlord.

The issue with waiting for a low cycle is that you will be waiting a very long time.