They will have to move fast and be ok with not conducting an appraisal or getting a warranty deed.

You will likely be close 6-8% yearly cash return and around a 15% IRR across them and have little to no involvement besides conducting due diligence on the operator and the deal on the front end. 

How they conduct business is screwy to say the least.

I try to conduct market analysis (migration patterns, ratio of renters, large employers) alongside housing analysis (common home types, typical challenges, etc).

The next time I'm in TJ's I'm going to be looking around trying to figure out if one of the other shoppers is a hoarder?  

Additionally remember, in Texas Property Management is a service you need to have a Texas Real Estate License for and all of the business needs to be conducted in the Brokers name.

Possibly using a professional third party vendor for the pre-inspection is a great idea, give a copy to the owner and tenantExcessive holes in wallsBroken tiles or fixtures in the propertyPlumbing backupsRepainting where a tenant has repainted from the original color Tears, holes, stains or burn marks in carpetsMissing or damaged blindsBroken windows and window screensBroken doors and locksBroken or damaged appliances Excessively DirtyPest control if you see Bugs and or fleasJunk or trash left behindPast Due rentFees incurred from fines from the association due to the tenants conduct or lack thereofWater damage to hardwood floorsMissing outlet coversRemotes for garage or gate if not returnedRekey of locks if tenants did not return the keysUnpaid utilities, as long as they were part of the lease agreement Undoing a tenant alterationThis is a sample of things that are usually considered to be normal wear-and-tear and should not be deducted from a security deposit:Slab or plumbing leakNormal rug wear.

And they have always conducted our business with rock-solid integrity. 

Selling a brand new entity is a red flag as to circumventing other regulations, trusts included.Trusts should be intertwined with your estate planning goals, it's not a good platform for conducting a business concern.It's not that a bank will allow a transfer, it depends on the type of loan, servicing companies are under written instructions, a servicing agreement, if that agreement says follow the terms of the deed of trust, that kicks in a requirement for them to use the acceleration clause if interests are transferred, otherwise, they are in non-compliance of their duties.

If the agent is on the up and up, it it a way of not dealing with window shoppers and minimizing the traffic going thru the unit.