For bigger deals, it’s always a good idea to set up a new entity, like a special purpose vehicle (SPV).

would you suggest a local RE attorney form the oporating agreement with the roles spelled out should be good enough?

The rent to price ratio's look really good for Texas (as well as compared to national levels) and my models cashflow at 20% down if the rate is at 5% or lower, really at the current rates its more breakeven but there Refi potential over the coming years and there is appreciation upside in my opinion with the new Tom Thumb, HEB, and Target breaking ground this year making Forney a more classic style suburb.

I've wanted to get into real estate for a long time but typically moving into that realm in a w2 position means a decent pay cut and probable loss of all the other good stuff.

I think it would be good to spread your risk around a little and buy in another market?

Welcome aboard Richard and good luck investing!

McKinney schools aren't that good. 

While it may be a long shot, my team and I work with buyers/investors who may be interested in reviewing the deal to see if we can help out here.

Real estate investing is a marathon, so start small, focus on sustainable growth, and leverage house hacking for long-term wealth.Good luck!

You need to make sure you have ample drive by traffic and that the market can absorb the units and how long it will take.