If you have fair credit, verifiable rental history and consistent income you can easily secure FHA financing in Houston and the inner city is the ideal place to house hack because of it's proximity to all the cool and trendy places downtown along with the major universities and Med Center.

Your success here depends on the quality of your list but good quality generally speaking could be 1-2% (so $25 - $50 per lead)FB prospecting is very untargeted as the person has shown no intent (you're probably just going to use targeting such as the zip code and potentially one or two other factors that you can target with using fb relating to home ownership and income or debt levels).

The 51% occupancy requirement is not ideal.

@Matt Morand If you use a PM, you always need to factor in the costs of bringing new tenant in.

These factors ultimately increased my mortgage payment thus reducing my cashflow to about $0/ month after accounting for vacancy, capex, PM fee, etc.

Ideally, I'd like to seller-finance one or two of his properties to start but am open to private money or other alternative exit strategies.

Ideally I want a decent location not too far from the loop.

. $7500 pr year income assuming nothing goes wrong and 0% vacancy factor.  13 years payback to make my 100k equity.  23 years left on the mortgage. 

So cash flow is key in this situation, and then location and property quality are important factors so you can sustain that cash flow. 

You also might want to factor in what it will cost to get it rented, i.e., paying a realtor one month's rent to get a quality renter.Make sure you double check with your realtor about whether you can get $1300 a month for that neighborhood.