There are paths that a (very few) others have taken.It's highly unlikely to make it happen.It is unlikely you can plan it out, like you would plan out a trip.Right place at the right time, an abundance of good choices in the face of uncertainty, a lack of Fatal choices, the ability to overcome setbacks along the way, and the ability to not get discouraged from failure.A pretty broad outline, you are asking how to find a spot to build a goldmine, and for that there are no treasure maps.ORYou could marry a lady with that net worth.Good Luck!

if you have a minute, could you tell me what characteristics define a deal where a preferred return does or doesn't make sense?

The going rents in the area are between 550-600 so there is definately room to increase. 

If I am way off I would like to know however in a broad view it seems pretty fair.Please note, I did catch the typo in the title however was unable to fix.

Texas law does not clearly define this issue. 

I know this question is broad and subjective but I’ve been wondering about this and I am curious to see what you guys have to say.

Extremely broad question.

Hate to be vague but that is a very broad question. 

Define what will be financially necessary to reach that goal and write it down. 

Apparently my filter is too broad, so I would appreciate a professional's opinion to keep me grounded.