Requirements for becoming a lender will vary from state to state, but at minimum, whomever operates/manages the company will likely have to meet industry experience requirements and will need to meet capital/bonding/licensing requirements specific to Texas.

I currently just have a 2-door honda that I will use for business travel/managing the rental.

WIth your experience, you could even target 3-4 unit properties at that time.Regarding "legally living in", you would have to change your address and actually live their as your primary address, but you could temp stay where you live now when you have your kids.

Depreciation: For investment properties, you can depreciate the property over a set period, reducing your taxable income.5. 1031 Exchanges: This allows you to defer capital gains tax by reinvesting the proceeds from a sale into a similar property.Feel free to ask any questions or share your own experiences!

Travelers has a home sharing/furnished rental product that I use for mid terms.

Location: Springfield OhioIf you have no knowledge or experience, I recommend you hire an attorney.

Thank you @John Mason.Do you have personal experience with this firm or some you know is good and reliable ?

Many flipped homes are bought by 1st time homebuyers that have no experience with construction.

Just make sure they specialize in tax and have significant experience dealing with real estate investors.Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

:) Happy to help, I have extensive experience there.