For most lenders it typically requires having at least 1-2 builds previously completed, but I'm sure there are other options if it happens to be your first.

Do y'all require the tenant to have renter's insurance or leave that up to them?

This seems unnecessary currently.I am looking for more security but with a good balance of ease of use.

Balancing these factors is crucial in making your decision.

If you find Plano’s current market conditions don’t meet your cash flow requirements, consider looking for properties that need minor rehabs.

The idea behind what I trying to coin 'Total Return Investing" is that how you balance the different forms of returns is up to you! 

Perhaps later we will join Open Spaces when we don't require as much hands-on, in-person oversight.

Assuming a required rate of return of 5% (comparable to high-yield savings or a CD), the deal would need to yield a total CoC return of 10% (since everything is split 50/50).I'm stuck because while playing around with numbers, achieving this return seems improbable if not unrealistic.

The lake's beautiful setting attracts tourists, making it a lucrative spot for STRs, especially during peak tourist seasons.STR operators in Oklahoma generally need to adhere to zoning laws, licensing requirements, and may be subject to taxes such as sales and lodging taxes.

With this setup, the buyer would still make the same monthly payments, but instead of stretching those payments over 30 years, they would need to pay off the remaining balance at the end of 5 years.