So, Houston is tough. 

Thanks so much for the advice - greatly appreciated!

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

So way smaller scale. 

Good to know. thank you so much. 

If so, new service to the building would more than likely be required independent of the existing domestic water line.

@Steve Ford - I use the free app DealCheck to run my analysis because it has all the line items in there so I don't forget an expense.

Put locks on each bedroom door so individual tenants have security of their personal belongings.You need a really good set of rules regarding shared common space, cleaning, kitchen use, bathroom use, etc.Be very clear about the rules up front, and selective about who you put in there.

When it is a new development, it isn't uncommon to see someone use the date the Certificate of Occupancy was issued - perhaps that marks the "ready", but it still might not be "available".So you can certainly have a property in service in a given year, but not actually have any rental income - but certainly your facts and circumstances are much better if you can actually get a tenant in there, that (should) shore up your defense on that question ever coming up unless you are playing weird games just to get a given in service date for tax purposes.

It is actually a 10/1 ARM, so after the first 10 years the rate will adjust once per year for the remainder of the 30-year term.