Feel free to let me know if there is a better venue for this inquiry.I was trying to enter an investment into my BP Profile, but ran into several issues....(1) sometimes I couldn't get to the [Save] button (it was below my screen and the scroll bar would not let me scroll down that far, (2) when I finally figured a way to see the [Save] button, it wouldn't Save.

I have spoke to the homeowner several times and he's willing to do a rent back agreement.

An appraisal would give you a value, but will cost you several hundred dollars. 

@Delshon Chestnut, there are several experienced CPAs who are active participants on ths forum.

There is a recovery/behavioral health building down there that seems to be holding the neighborhood back a bit.

Several niches interest me, such as buy-and-hold rental properties to generate passive income or possibly wholesale acquisitions to utilize my sales background.I do not have a Texas real estate license, and want to learn some in's and out's of the industry before deciding whether or not I will need one as a future real estate investor.  

I don't yet know about the health of the seller but this could be an interesting exercise even if I don't purchase.

You will probably need several carriers. 

Those who are self-employed (wholesaling generally qualifies) can get the additional benefits of the Solo 401k including: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

I'll be acquainting myself with Vegas more before moving forward with anything, so I'll be visiting over the next several months to understand the area better.