What water source is in that area?

Do a 1 year lease or if you want to avoid a vacancy in the winter, do 6 or 18 month. 

I think LLCs are over rated unless you have to hold the property in one for financing like most DSCR lenders will require.

Below is a list of data that I've used in my market research and real estate underwriting, along with some other sources that people might find helpful.

Great points from @Doug Smith and some I will be leveraging in my own work.We do some "pitching" of startups to landlords and while not a 1:1 comparison we generally also leverage the credibility of the team or consultants that the startup is using to mitigate their risk. 

You wouldn't be doing an owner financing deal if you want to keep the current mortgage in place.

You can buy a luxury home in Florida for example for $1M to $1.5M bigger than a $2.5M home in CA.They make Hurricane Proof homes now so its not that bad if you plan a ahead.  

If you’re able to be hands-on, I’d recommend exploring local deals or those in your home market.

maybe once in a while / once every few months, something will hit that would work. 

Are vacant properties in Texas a better investment compared to other property types, considering factors like acquisition costs, demand, potential appreciation, and holding expenses?