So the likely hood of a buyer wanting a major component to be replaced should be rare.

However, I do get calls for major plumbing repairs, air conditioners, and hurricane damage - hence the need to factor in maintenance.

Anybody know the cap rate and vacancy rate for Pearland, League City, Katy, Texas City, and Boerne?

It wasn't anything major, but certainly some work.

For instance, if one’s net worth is $500K, and most of its tied up in real estate, would it be a good idea to keep the next investment at $100K or less (20% of total net worth) from a diversification standpoint to prevent from devastating loss in the event something majorly goes wrong with the property?

If all major components in the property are new (or recently replaced/upgraded) and you don't have to worry about them for a few years, then not as big of a deal and you can building up the rainy day fund.

Of course majority of lenders that provide VA loans does not have a time-frame on how long you have to occupy the home.

Last month I had major needing to evict tenants and do a major cleanup and fix several items after they trashed my place in less then 2 years.

I use a marketing strategy that puts properties across the MLS and all major channels, including social media, craigslist, and the usual Zillow / Trulia etc.

It also concerns me that the majority of your STR market is golfers, I am looking for something that has the potential for year round rental potential.