Rent roll seems strong.

These are very expensive decisions to make and you want to make sure your partner in life is with you every step of the way.

Many of the people there were working in the Eagle Ford Shale and as you know that has slowed down, but ag is still very strong.

I have a similar arrangement with a partner for some of the homes I flip.

Mind you my partner and I are by no means big time players but we held ourselves professionally, did our due diligence and assured the agent that this was going to close quick on our end.

Strong lease agreements and excellent tenant screening can help minimize risk and since you will likely be close, you can keep an eye on it.

Though the rental market is very strong up there.Thanks for the support and feedback!

Hard to say if the $4500 is reasonable or not, but if you haven't worked with this contractor before or have a lot of strong referrals, I would be hesitant about using his internal architect/engineer. 

I hope to start expanding to include multi family units in the new year and would be delighted to hear of any advice, meet potential investment partners and share stories with others with the same interest. 

Best advise is to find a deal then partner with someone with experience to walk you through the rest.