I also ran it by one of my real estate advisers and he reviewed the pro-forma's and said that everything meets their criteria, which gives me additional confidence.

Given all that uncertainty, I think getting a flood insurance policy is very advisable for anyone owning property in the Houston area, especially given how underpriced those policies are thanks to ongoing federal subsidies. 

So it is advisable to find out the length of the lease, if they have any future plans of moving back in.

I'll advise the husband accordingly. 

My first 3 properties were purchased in my name and I thought I was smart by purchasing an umbrella policy to cover them all.After reading as listening to advice on BP I see that I should setup an LLC and have a team (CPA, lawyer, etc) advising me.I wonder if anyone can share the team of Advisors they use, who they are (CPA, Lawyers, etc) and how they found a good one.  

Looking for agents and lenders with some creativity or at least can follow my line of thought or advise me when I suggest creative financing options, and can see potential where others may not. 

The way I see it is the rentals I am looking to purchase will generate cash-flow and any appreciation is a bonus.

@Mike McCarthy - appreciate the well-advised information! 

The fact that someone is able to look at two paths (Wholesaling & Real Estate Brokering) and is not smart enough to see which one has more income generating opportunity tells me that they aren't sophisticated critical thinkers.

. , @Jason Dillard is spot on with regard to eligibility for 1031 and the way to mitigate.If your goal is to be a fixer flipper or a wholesaler as he is and can generate the velocity needed then he's probably right in his assessment that you can make more cash flow flipping or wholesaling (although the net tax difference dissipates most of that differential).