Starting a real estate business anywhere comes with its challenges, and Texas is no exception.

They call it Hollywood of the Rockies for a reason. 

It all depends on your goals. 

@Yixiong Pan - If others have the cash to put into deals it sounds like you could form a JV partnership with others where they bring capital and you operate the deal and come up with a split of equity of the purchase.

Is there something else I should be doing right now to help my chances of success?

Hold it for 20 years and rents will be double what they are today, the home will appreciate to twice what it is today, and you'll win.

But you could see the distinct advantage I had it was huge.I feel sorry for folks doing this in PA and other states that are so antiquated..  

I do these project, but I am going to PM you the contact info for an A/E with a lender that does larger investment projects like this.

.- What's the best way to think of this deal as it would be no cash out of pocket but also essentially break even?

This is because it was poorly converted, improperly done, "patched up" over time, and might have mixed up mechanicals etc.