*You can only have one FHA loan at a timeI'd consult with a lender or two to give you a much deeper scope of your loan options and what makes the most sense.I am not a lender.

@Sarah Kensinger agree, I am just exploring different options and weighing the pro/cons. 

If you were wanting another property within the next 6 months after selling her condo this could be a good option. 

What prevents your end buyer from waiting out your option period and going direct to your seller? 

You have 3 options for Property Management - Suncadia, a local PM or do it yourself. #1.  

@Oladayo BolarinwaInvestors looking for rental real estate in the Houston area have several great options to choose from.

Definitely open to both options

Location (rapidly changing/close to amenities)This will hopefully make it easier to rent and give you options to rent out short term if desired.

Who knows.Another option would be to buy a small parcel and slowly build a house with/for him and pull owner permits.

Being leveraged for a bit isn't the end of the world - there are usually options available if push comes to shove - 401k loan, personal loan, sell stocks, credit card (then balance transfer continuously until you can pay the balance off) and lastly sell.