You might want to seek out experienced local investors, who can point out local risk and help you avoid it.

The owner owns it free and clear and it's managed by a local property manager.

If you haven't put the best possible,  experienced people around you, I might suggest getting involved with your local real estate investment groups...many of these people will have experience and contacts that could help walk you through the steps required to make this project safe and profitable or to show you why it might be something to walk away from. 

They also have great insight on what is popular for your local market, that you can use to boost the listing.Also, take a good hard look at your property, decor and popular amenities help far more than hosts realize.

You also have to take into account the local / state landlord laws...especially the ones coming down the pike in CA's November ballot --> "Justice for Renters Act" Not sure if it'll effect STR or MTR but as a general rule of thumb, I don't run numbers on best case scenario.

The cost and timeframe for evicting squatters can vary depending on various factors, including the complexity of the case, local legal procedures, and the squatters' cooperation.

Are you planning to invest locally in Texas or are you open to investing out-of-state?

this would let you go to REIA meetings and network, look at properties in person, drive neighborhoods, meet locals, and build a network.with interest rates and prices high, investing right now is taking extra work, creativity, or both. 

If you focus on learning over the next year and going to local meetups, you will be very ready to buy as your finances increase.

@Stephanie Cortez lots of great real estate groups like DIG that will super charge your local knowledge and contactd