Also if you do decide to buy outside of your area, you don't have to settle for a completely turnkey investment, while there are definitely advantages to that, if you build a team in the area you can truly take down any strategy you want. 

We also have no land transfer tax, or rent control, which is a big advantage in multifamily (5+ units), as you can improve the property, raise rents to market value with only 3 months notice, and suddenly the building is worth exponentially more.

I do think that loans for home buyers are almost always way better than loans for investors, so there are advantages to what you are saying. 

I don't plan on buying anything in the immediate future, but I'd like to practice analyzing deals in a market that I might ultimately invest in so I can use that familiarity to my advantage when the time comes. 

there is also a house and a couple other buildings that can be rented, but i'm mainly trying to think of ways to use the large acreage to my advantage. 

@Robert AdamsWith this size of a portfolio - it is crucial to work with a real estate focused CPA who understands real estate tax laws and making sure you are taking advantage of various strategies(depreciation, cost segregation, 1031, etc).Good luck in your search for a CPA.

when would you of had to buy to take advantage of that? 

For instance, selling shares (securities equities) and not entering into partnerships has some advantages, some different types of issues. 

You already know the benefits of Investing in the Houston area so I don't need to state that again.It's a huge advantage that you already have a great property management company you are working with.

But you're in a position to take advantage of it!