Leave it to San Fran, right?

We arranged closing during a slower period of time & had him leave everything (furniture, inventory, guides, etc.) literally bought it & could start taking booking the same day.

Those concerns are totally valid.

- it will only pay off the mortgage but leave you with the same or more Debt.

I think it's ridiculous to pay a tenant to leave, but it makes sense in places like California.

They look like they are sitting on wooden piers and not on a slab or perimeter foundation.As far as lenders are concerned, that could impact the financing.

It would leave your net worth really skewed into one asset and class of asset. 

However, a lot of concerns can be mitigated with looking at their past rental behavior in a lot of different settings.

Yup half of these ideas are OLD NEWS  I never equate Texas and low tax's LOL also my concern with build to rent subdivisions is not the rent or the first 3 to 5 years but the exit in 7 to 10 years which is average hold time for investors.. 

I'd consider doing some kind of cash out refi on the property at a number you're both comfortable pulling out, while still leaving $ for reserves to maintain the STR you currently have.