Also wondering if other Texas cites like Dallas-Fort Worth or San Antonio that aren't so strongly tied to the oil and gas market might be a safer bet?

I was equipped..proper shoes, clothes, rain gear, music3.  

You severely restrict your ability to capitalize on investments that can often prove very lucrative if your funds are tied up.

If you are not tied down to family then you can go anywhere in the country.

They are not investing in rental income properties and hopefully they sell and reap the rewards of appreciation before the shoe drops hard. 

What IF these were tied up in the courts for months or longer?

@Christopher Anello203k is great, it is more of a rehab loan where the rehab is tied into the loan.. it is also 3.5% down. but of corse, you could put more then 3.5% down.  

There are also very large transaction costs on both sides of the purchase (explicitly or implicitly) and large organizations with political ties to maintain the cartel for real estate commissions.  

If you must market on the cheap, and you've studied your real estate basics already, then you'll need to trade time, gas and shoe leather for a house with equity.You do know what to do with one when you get a prospect who's eager to sell, don't you?

See if he can perform for you, but if you are not getting what you both had agreed to, then cut ties and find someone else to finish the job right.