I'll consider the strategy of pre-screening with Zillow and using mysmartmove with the final candidate!

Love the strategy of doing the work that so few others are willing to do.

Here are the key numbers:Potential purchase price: Mid-$400k rangeAppraised value: Estimated at ~$500kRehabbed comparable properties (comps): ~$580-600kMonthly PITI (with 5% down, including mortgage insurance): ~$3400First-year PITI (with 2-1 buydown): ~$2900Monthly income (after taxes): ~4-5kLiving expenses (utilities, groceries, etc.): ~$1600Savings available: ~15-20% of the purchase priceCash to close: ~$34kRehab estimate: ~$34kRemaining reserves: ~$20-25kTo fully fund the rehab, I’d need to come up with an additional ~$15k in the short term, which I anticipate paying back quickly once the rental portion is generating income.

Read books, network, research markets, and plan your strategy.

You can look into different strategies in the forums.

Most of your expenses on the Dallas property are property taxes and insurance? 

I don't believe "waiting it out" is an effective strategy.

You can only sell it to landlords using the rent by room strategy.

With that being said we tend to see a lot of CA buyers relocate here for the lower cost of living including lower home values, property taxes, insurance, no state income tax, gas prices etc.

This way, if vacation rental management becomes too demanding or isn’t feasible, you have an alternative strategy in place.Make sure to confirm that the HOA or association allows rentals at all.