You have many options.I don't know what rental prices are in Houston, but I have very many friends and previous buyers who have paid $1,200 a month for 800sqft-900sqft units (with water being the only utility paid for).I recommend West Gate area.

Before I talk to the seller, or the seller's agent, I already know what my offer will be so I'm talking price right out of the gate. 

that's a lot of bread to get the leads.. so you need tons of seed capital.those that have little to no marketing money to start .. pretty tough unless you bag a deal right out of the gate to keep you going.its the same for real estate agents getting started in that industry.. when  I had my shops and interviewed new licensed agents it was something we talked about.. you need ONE years of living expenses in the bank to even think about starting in this business.. same with wholesaling.. to try to do it with no money while it can be done .. flame out is virtually assured because of lack of capital in your small business. 

my advice would be to adjust to market rent out the gate.  

Probably gated community.B - This is where I live / want to live.

But you want the tax basis to raise and you also do not want to saddle a new company with too much debt so you cannot get a line of credit right out of the gate. 

This one is in 7100 Pirates Cove, which is the only gated neighborhood of the 3 Pirates Cove neighborhoods..  

There is a lot of liability as you mentioned, the advice I received was to makes sure the home is completely up to code as far as what your city/county requires for homes with a pool ( be it a gate or pool cover etc.) also, make sure to include a separate clause in the lease.  

I followed up a year later with a multi-single family deal (off-market) that will yield 1.6% out of the gate , raised to 2.0 once I raise rents to market value.AND, the only way to achieve these numbers (IMO) you have to plan in the B, C class arenaWalt B 

Maybe I'm just not that smart or hard-working, but I can't imagine diving into a Multi successfully out of the gate.