Cash is merely a tool to be used to achieve whatever it is you're trying to attain. 

The latter of which I'm hoping to attain here.

The houses there are selling well under value and when driving the area I see many boarded up homes that I am sure I can make low offers and attain.

My goal is to attain my first investment property in one year from the day I start working.

A goal needs to be based on a understanding of what it requires to accomplish that goal and it must be attainable in the real world.Most people that aspire to be world famous actors or rock stars rarely get beyond waiting tables.

We like the buy & hold option but are also interested in attaining vacation properties we can not only rent out but can also use for our own family vacations. 

Free standing two-car garage, driveway parking, shed, unfinished basement with ample storage.

There is no way the casual investor is going to attain the average rental yields he does,  nor have the ability to call up a contractor and get a first rate, immediate response at wholesale contract prices so if it is a pain for him, it is worse for everyone else.There is absolutely no question the casual real estate investor can buy at full market value in Houston, in the decent low valued neighborhoods, and get cash flow and yes, long term wealth as long as they can get the low interest conventional loans. 

There has been quite a bit of development of streets with 2-5 acre lots but houses are not attainable to the "typical" family and are over $400k+.

$250,000 is ample funds to get started.