Seems you have poked around enough to recognize what an incredible resource this site is.

Personally, I was incredibly relieved to get my own mortgage away from them.

Sounds like a reasonable approach, and he could pay you 30% of whatever the equity is.

. :) Bill Gulley - that's a clever approach that has already been suggested to those who face HOA restrictions on rentals; so gov't restrictions could certainly be overcome similarly (until they re-do the ordinance).

Also I haven't actually approached my Uncle with the deal as yet.

As for learning about Texas laws probably start off reading the Property code (I know it is incredibly exciting reading but its cheaper than having a lawyer explain it to you.)

Somewhere in the world someone richer than he and more knowledgeable from their experience could teach him how he could of approached that differently.

I like to approach it like a game of chess.

I want to use this document when approaching lenders.

Just a different approach to life and investing.