@Elvon Bowman Thinking big is important, but it's also helpful to take a practical approach. 

Although I agree with @Nathan Gesner in part, I think he is off base in categorizing a relationship based approach to landlording as "amateur".

Send me a Direct Message so we can determine if we are a good fit to work together and help you flip more properties in the Houston, Texas Area.I have a straight to the point and no BS approach so you will find some values when you reach out.Thank you 

A business partner approached me about it, and I negotiated the deal based on CAP rate.

This is why so many people earn large sums of money quickly (lottery, sports, entertainment, etc.) and end up broke.Take Dave Ramsey's Financial Peace University.

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

If you ever decide you want a more passive approach, there are turnkey companies out there that handle everything for you.

The national debt is approaching $36,000,000,000,000 if the government numbers are to be believed.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Interesting approach, how would multiple refi affect my credit score?