You also will definitely have to factor in remod costs, almost every building up for sale is around 80-120 years old, lead paint, old furnaces, old doors etc etc. 

You have then increased the value of your home (forever) by adding the living square footage and bedroom and bathroom count.

Whether to have an LLC or not is a complex decision based on many factors.

Your repair costs seem like they may be accurate but the other factors are the problem here, this is expensive for what you get in TX and I'm going to assume that it is in the downtown of a major metro area which is why the price is so high.

It's the same with WOW factors.

Since it is a rental any increase in value will be insignificant so shouldn't really be a factor.

I did not offer any compensating factors like a cosigner or double the security deposit. 

It puts you in a position of accepting a lesser overall return per project, initially, as you will be paying a lender and a PM (but potentially a greater return when factored as an ROI, esp. when annualized).

As far as getting your license, it CAN be a good idea, but it can also be a complicating factor that makes growing an investment portfolio more of a challenge.

So, what was your determining factor in taking only the $38k out as cash for your re-fi?