If my W2 income is $5 k a month and my primary residence mortgage is $1,000, that would leave my DTI at $6,000/$12,500 = 48% - still an unacceptable risk for most of the banks I approached...When I had my W2 income and only one or two rentals, I had no problem getting approved for loans.

Inquiring as to track record, how the sponsor's projected performance compares to actual performance, and learning about how they approach a potential investment property are all very important.If you are investing in a turnkey or a syndication or blind pool, there is one added risk that you don't have when you invest directly:  the sponsor.  

So if you were to approach the seller with a lease option, I'd do so as a lease option assignment (if your goal is to get some quick cash out of the deal, rather than owning).

Have you looked into that approach? 

I would approach them.  

Go to the County Judge's office and ask which lawyers file the most evictions and get a copy of their documents as public record so you can see how they do it and use that as your guide if you want to do it yourself.I'd be curious to hear how many hours per month you and your family allocate to managing this property using your approach.  

Once I acknowledged that everyone lives differently and there's not really anything I can do about it, I let it go.We've still have our standards, but have adopted a pay-as-you-go approach.  

But Verizon approached me and ask for lease of the land beneath the tower (about 150 sf) to build a cell (they will take care of landscaping/maintenance)  so they can use the tower (not sure about any deal between Verizon and Oncor).

I wanted to start this discussion by stating that I'm sick and tired of getting approached by people recruiting for MLM companies.  

Create a list of items, their cost and where they should be purchased.The next big things is labor and how many hours it will take.I remember approaching workman and contractors at Home Depot about 6 am, picking up material for their jobs.