With house hacking, there is a simple rule in my opinion: The more uncomfortable you're willing to live, the better the numbers can work, the more comfortable you need to live, the less the numbers will work. 

You can determine what a decent salary would be for someone in your market and then reverse-engineer to see if what you're paying as a salary, plus the projected performance commission, will get you there.

If you have the cash to complete the transaction as is, I would recommend simply paying the balance.  

I have matched both tenants to their Facebook page (not new pages) and their photos on their work websites.

Usually I use trieagle and request a month to month plan and have the power on a day or two after the tenant vacates.

Stay in the cash.

The deal seems to pencil, but the bigger picture stuff makes me nervous. 

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

Rather than that, if a loan is called because the property underwent a condo conversion (apartments into condos) or subdivision process without the lenders awareness/approval, would they still be required to offer a preforeclosure period before being able to foreclose, as is the case for lack of payment?

Texas offers a diverse real estate market, from the tech-heavy Austin area to the sprawling suburbs of Dallas and the oil-rich Houston market.