Hey @Devin Bost, I would highly recommend a few things to help with this. 1) Have systems and processes lined out for any emergency you can think of.2) A spreadsheet of subcontractors/ vendors that could handle the situation that arises (plumbing leak, electric out somewhere, etc.)3) Your cleaning team and handy person should be utilized for some things.4) Something like Breezeway can give you 24/7 support around your property with a dedicated phone number line.

You gotta pick something up for like 100k cash that is worth 150k or more as-is and fixed up 300k+. 

I have been actively looking primarily in the Virgin Islands and Bahamas for properties that are ideally within the budget I would like.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If nothing else, offering a small reward like a gift card to their favorite restaurant (ask when they initially sign the lease) helps.

It sounds like you’ve got a great foundation with your business development and marketing background, those skills will definitely help when it comes to evaluating deals, negotiating, and even managing properties.

Unfortunately, it seems like the state of Texas forbids HELOC's on investment properties and I am reluctant to do a cash out refi (or sell the properties) as my current hard money rates on these properties are between 4.5%-6%.

The long and short of it, you'll more than likely need an architect to draw plans to do the conversion.

A Heloc is a open end mortgage like a credit card so its an additional trade line on credit, cannto never be used as an Asset, PITI reserve, and its a DTI killer in most cases.A heloc is also usually set up on a shorter term versus a mortgage, carries a Higher interest rate, and most carry a interest only with a prepayment penalty.

Sounds like you have een interested for a long time.