I think you should take your time and energy and put it into interviewing Property Managers to find the right one for you.Is your property going to be in Lake Tahoe area?

I personally recommend that if you have good debt on the first one to take a heloc, and if your debt is meh to potentially look into cashout refi’ing on the 1st building and keeping your eyes open for the next opportunity :) Analyze both accordingly and talk to your lender as well as other investors to get their thoughts! 

Something I want to do, is a potential BRRRR on an SFR or 2-4 unit in the Midwest.

However, it would provide us with the necessary funds for the repairs and potentially a down payment on another property.

I was envisioning a two part calculation for the monthly mortgage payment - I see it as a VA loan analogy with no money down but the loan structured with two interest rates (one for the TSP down payment and one for the 30 yr fixed rate mortgage).I guess the real question to ask myself (using your situation as the model, assuming positive cash flow once TSP is repaid) is whether I am okay tolerating the potential 60 months of negative cash flow to get to the positive cash flow after 5 years.- Maybe if it gets the deal going and leads to a cash out refinance before the 5 year mark that allows me to speed up the TSP pay off.Wow - Great food for thought. 

I’ve been searching in the Sherman/abilene areas for potentially starting out.

Your husband's business is an active one and perhaps more prone to a potential lawsuit.

There's reward in distress, but if you don't have the time $$ or energy for that, then looking via a RE agent for MLS properties that only need $10k worth of rehab is the way to go! 

In parallel start talking to other potential candidate GC’s to see what their costs and schedules would be like (make sure you ask them how hard it is to transfer permits).  

It is the rate your qualifications get you.Buying the rate down and a lender credit are the corresponding poles to the middle "par"Generally speaking, when your originator is looking at his pricer, there will be a list of potential options.