Also, as a bonus, anyone know if you need a permit to add an air pressurized wall to increase the # of bedrooms in ATX?

That should also factor into your analysis as well as the minimum permitted draw amount.

Make sure you calculate for permits and site work because that can make a difference of several thousand easily. 

If your offer is accepted the agent should submit a form to HUD (if you want) that permits for 72 hour inspection of the property to allow you have the utilities turned on (at your expense) to check for any major problems.

You can always check with the city and see what kind of permits and planning they have for the area.

They might not be a real investor prospect.

The upside is, the seller may be willing to play ball if faced with the prospect of having to find a new buyer with this woman already not paying. 

v=RJxg6FgZPvYIt seems to boil down to making sure you have all GP responsibilities clearly documented, and making sure that everyone is pulling their weight across the entire project, not just raising money, which is not permitted. 

It's a tough grind, high taxes, sketchy tenants, high water bills, lack of parking & tough permit enforcement for rehabs.

Make sure you pull permits and meet codes.