Otherwise why not just purchase turnkey or close to it and put 10% down and call it a day.Just trying to validate this strategy in todays market. 

Those all valid things to consider.

You will need an attorney to draft a company agreement and file the LLC with the state, as well as draft a new warranty deed to transfer title.Personally, if this is your only property, I wouldn't recommend that you do this.

I know there are mixed opinions about home warranties for rental properties.

I need to replace all four (4) A/C units for my fourplex and looks like buying a home warranty before the A/C running out of its lifespan is my only option for now.

Most states have what is called the implied warranty of habitability that is implied in every residential lease. 

Anyone have a home warranty company they are happy with for my first investment property?

Not Valid: If tenant doesn't pay rent on day 61 a buddy and I can enter the unit with baseball bats and encourage tenant to leave and change the locks behind him and tenant fully agrees to this.

We evicted a tenant for not having a valid lease, and one for not maintaining renter's insurance per the lease. 

My experience with Texas was: good cash-flow, but high property tax, high home warranty expense, and high hazard insurance expense.