Of course all that could change in 7 years or more by the time yours would school.Carrollton in my opinion seems to have more foundation problems than Richardson, but you can see them in both. 

What are some things i should put on the Rental Agreement to protect myself form rentals not paying or etc...And what are some tips to create a successful rental income.

Even if you purchased your home at the very tip-top of the market before they dropped by 19%, if you would have simply paid your mortgage payments, mowed your yard, and stayed in the house for 6 years (you had to live somewhere during that time), you would have made money on your home...and that was the worst drop recorded.

Of course, I would highly recommend staying up to date on the laws for when you do move out of the property and onto your next house hack.

Thank you everyone for all the tips!  

It will not be impossible of course, just challenging in my opinion.

They will know the rules and regs and get you filed correctly.Michael is of course correct.

Cancel your cable and online subscriptions and get rid of your TV2.

Of course this doesn't include expenses either and they will similarly mark up anything they pay for.

Right on a small chain lake, 18 hole golf course, cool clubhouse etc.