My end goal is to relocate to TX and in the interim , if I can use this opportunity to hold on to one door as a rental property( my current home ), I would like to assess the financial merits and demerits of the same.

The easiest way is to plan it from the start of a project.

I only recommend selling when you can invest in something else that produces a greater return or move closer to your goals. 

Also to build relationships and a team for multi family syndication projects 

You can also speak with a lender to see what you need to do to qualify for a mortgage if buying a house down there is one of your goals. 

Buy and hold was my main goal.

Most lenders will do a hard credit pull before presenting a formalized term sheet, but that is after a property is under contract and your offer is accepted/you submit a full application and send in a credit authorization. 20% down with no STR experience is pretty normal on the market, but you will likely be using a haircut AirDNA projection instead of the full 100% to qualify you. 

We did not get an EIN since the plan was to form a joint LLC at the end of project completion.

He acts as project manager, sources, finds the subs, and even oversees the staging.  

Michelle - My property management companies offers oversight of a larger project/renovation for 10%.