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But in terms of the upfront fee, this is actually common in a commercial loan.

Additionally, you want to start building your "Core 4": agent, GC, lender, and PM. 

I used the 75% rule on the income and added it and my DTI without the rental goes from 24% to 38%.Or does it just allow me to just take the net profit of that rental and add it to my rental? 

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Unrelated persons ordinances are common. 

Additionally, take some time to drive around your neighborhood and gather information on recently sold properties within a mile radius.

A PM offers so many additional services in addition to things you cannot do yourself - like simply having a 3rd party between you and the tenant.

However, there was a lot of additional paperwork, and I had the capital...So I just opted for the more traditional path instead.  

Did you find any additional help or learning concerning over-the-counter tax line investing for Texas?