So your final decision might be the answer you make on those 2 properties and any decision might be decided on the debt question of good debt versus bad debt.If you have any benefits by purchasing  an apartment complex as a controlled ownership and by benefiting from a Tenants in Common joint venture association that will contribute to an apartment complex purchase and allow your keeping control of that property on a daily basis regardless of your ownership percentage.  

I charge $535 per bed room and they pay all their utilities (gas electric water).

This is a very common renovation in my area.

However, with alot of the HOAs covering utilities with insursnce included and the fact that at these prices we would likely pay all cash going in, at monthly costs of about $750, we should be able to justify rents over $1000 and even higher numbers with short term rentals.

Before you transition to a new tenant, make sure you complete a move out checklist (you can download one as part of @Brandon Turner landlording book extras) and send it to the former tenant.Not receiving 30 day notice from a tenant is a common problem.

The allure comes from very generous common spaces, lounge areas, outdoor space, pool areas, gyms and - I have even seen an indoor golf simulator.

I would recommend utilizing one of the many free landlord software websites out there.

Personally I buy in my name then refi into my name utilizing conventional loans.

Additionally, I already have had conversations with XYZ Property Management (edited this part because the mgmt company was TERRIBLE – that’s another story) office in Duncanville and am planning on utilizing them to manage the property.Although I’m not sure when, I do plan on eventually moving back to Texas and specifically to the DFW area.

The tenant has been in for 12 months, and pays rent on time (though utilities are late every single month), and their option to purchase expires in 12 more months.