So this decsion plays a little into both trying to build a portfolio, but also finally having a place in where I'm originally from and often visit.I know I'd likely not see any cashflow from a Westloop condo, but I'm curious if anyone has any recommendations to lower my risk for the area.

Oh, the joys of online communication!

On a 1099-R, Box 1 for "Gross distribution" is basically "income" on Line 15a of the 1040, right?

Under the newest tax laws that just came into play in December, an individual can gift or die with a combined $11.18M before being subject to transfer taxes (and $22M per couple with portability or split gifts). 

tilt up logistics buildings could be a good play as well. 

The play would go something like this:I "buy" a house (Lease Option) for $200,000 with $10 Option Fee and $1200 in monthly payments for a 3 year Option.I "sell" the house (Sandwich Lease Option) for $220,000 with $10,000 Option Fee and $1600 in monthly payments for a 2 year Option.

But if you want a link to online calculators, here's one from Bankrate - which can give you a rough idea anyway.  

The best rates are companies that don't have many branches and basically do their business online web based.

I think there might be a value play here if you are in certain markets and appeal to more environmentally conscious renters.

But if you want to play it safe, you can also try post-foreclosures on sites like auction.com.