I also invest in Dallas from California and agree with what others have said. 

I agree that I don't want to just buy for appreciation!

HOWEVER - hard money lending is super flexible, so the lender can basically write the loan with whatever terms you 2 agree with.If you wanted to defer all payments until after you rehab and sell, I would imagine you're hard money lender is going to want something very different as far as a rate, and possibly a profit share. 

If you and a seller agreed on a $100k price, 20% down with a 30 year mortgage.. what would be the cash price?

"It is understood and agreed that a single violation shall be good cause for termination of the residential lease.

I agree with @Jennifer T. and save it for a 6 months reserve fund.

(Which never stopped any non-attorney investor from chiming in.)But I have heard numerous attorneys debate this issue to death, and I only learned one thing: two attorneys will NEVER agree on liability protection in general and on effectiveness of LLCs in particular.

The only saving grace I have right now, for that plan anyway,  is that I have a friend who is an appraiser in the area and has agreed to look at comps to get a good since of what the ARV will be.  

It's your property, and as long as you and the tenant agree to terms in writing (that don't break any laws), then those terms are fine.

I agree with your perspective,there is more than buy and hold