Due to all of the fees associated with the loan, we are considering using money from our 401k to purchase the home and using cash and a smaller loan for repairs.

Otherwise you face a stronger possibility of not receiving payment, given the tenants those properties attract (not sure what you're about to close on).There are several groups you can go to that provide housing/utilities assistance besides Richmond Redevelopment who is associated with the GoSection8 website.  

Be prepared for the costs associated with holding longer.For those looking to rehab and sell, you most likely find a depressed market to sell into.  

That keeps the cost low.Small Business Associates in New Tripoli is who I use.

Since its an outbuilding that would be associated with the house I think it would be ok. 

Every minute of your car ride, lunch, you name it, USE this time to associate with very successful investors and pick their brains - this is what the BP Podcasts do.

About 30 years ago in Florida there was a Viet refugee associated with high end custom vehicle, and beautiful women selling you lessons to flip homes on TV.

Real Estate is practiced slightly differently in each state from my experience so have a local agent that works with out of state investors and understands the challenges associated with investing from out of state.  

You never know who you could meet that could end up being your partner, associate or mentor down the road.

It is a standard "Texas Association of Realtors Commercial Lease" Document.I'm hoping for insights into and possible legal protection I may have.