I am exploring rural locations but not sure about vacancy and rent rate compare to more active but competitive areas around Houston.

All over Texas, you can buy something built in the last 10-15 years for a fraction of what you would spend in LA (or DC, for that matter), which will save you long term on repair costs.

You will find that will a very well reseached and well managed fund, you can achieve consistent and reliable double digit returns, which is going to be very competitive if not exceed your return on SF investments in most situations.  

And of course with our competition here for dirt it would only happen if it never hit the open market

Depending on the competition in your market, the old ARV x 70% - Repairs formula may not win any deals.  

There's a lot of competition from larger complexes offering a free month of rent that compete directly with you for tenants.

Ranches and two stories that have updates sell in mid-180k-200k range.Given the competition and what I have left to do, what's your suggestion?  

That should make your house competitive and should sell even during the winter.

Thanks in advanceHi Ronald,Great post.My experience has lead me to believe that the best deals can be bought in colder months.There is less competition and larger discounts are granted by sellers.With that being said, a good deal can come along anytime.The key is to have the cash and be able to snap it up instantly.Thanks and have a great day.

Plus, there are tons of laws that are on the books because some organization greased some politician to stifle competition that just plain piss me off.I don't think you'd get in any trouble putting a "we buy" sign on your own fence.