Renting by the room (long-term) is stable but requires tenant management, while Airbnb (either by room or whole house) can bring higher revenue but needs more hands-on work—make sure to check Little Elm’s short-term rental rules.

I have deals of all kinds, right now on my last three deals for some weird reason one come from wholesaler, the second from MLS and the third knocking a door.Having a partner in looking for deals is critical so you can brainstorm and make sure that is indeed a good deal.

I'll use it for sure to set up the LLC  :)You're right about the annual fees, etc. and I think TN is the best place to set this up

Cannot confirm as of yet.Not sure the best route, thinking I should consult with a RE lawyer, and talk to the city tax office if I can 't get a hold of the owner before the property goes into the 5 year delinquency.Thanks!

If you feel that youre equipped to handle this, go for it; if youre not sure, then start with baby steps.

Realtors typically pre-screen rental clients to make sure their time is not going to be wasted.

Not sure of your situation exactly, but we've definitely made that case before and helped investors with a conventional loan. 

The spot is near a couple State parks, 40 minutes from Austin, and lots of nature driven attractions around, my only worry is the popularity as I am not sure the amount of people that are flowing through the area 

We have talked about things such as rent by the room and acknowledge that the operating model will likely be very different while living in the property vs. when we move out.I think the point you made about assumable loans is very helpful to get into a property you might not otherwise be able to afford.

Regarding inspection, I am honestly not sure.