You want to look for an uneven multi to maximize what you can make, if that works for your family setup (how many people are moving with you, if any).

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

McKinney, Allen, Plano, and even farther north up 75 into Sherman can be good too.

Not sure if I would want one in an STR though with so many parts, not knowing how to use it, potential for mess etcI have an automatic machine that grinds the coffee, packs and dispenses.

@Ahmed MoustafaThe general Fannie Mae guidelines you mentioned are for non-renovation loans. 

Then divide that cost by the amount of time between now and then and that's how much you should be putting aside for Capex.For general maintenance, the age and condition of the building will play into that.

@Lily Jensen, I've come across a few banks that will do HELOC's for investment properties that I can share with you here locally in Florida.

most LTRs just don't cash flow right now, and the less you put down, the less chance you have at them cash flowing. 

Why are you double closing in the first place?

I think option one is better if you want build a lasting relationship with this agent.