I have made and been turned down on many offers (Still looking for a yes). looking at our West Texas economy and the "pandemic", I'm curious if this is the ideal time to continue to invest?

Like I'm for sure going to give househacking a try, but I'm not currently worried about my second deal yet because I haven't done my first one yet and don't know what lessons I have yet to learn.While ideally I would like to get into small MFH, I'm not getting too attached to that idea because I don't know what my situation will be like when I'm ready for that second deal or if I'll still want to do that after my first deal.

Not sure of all the specifics on your UT property, but holding onto it and making it a rental sounds ideal to me.

Thoughts on Coronavirus, and why right now is the ideal time to purchase single family rentals.While the Coronavirus has had an impact globally in different ways, the SFR rental market is extremely strong with higher demand than ever! 

The virtual showings aren't ideal as they have a lower conversion rate, but it's really the only way to get people to actually inquire about it because in-person showings have dropped considerably. 

The only updates to the property I have done is replaced the furnace, fridge, and dishwasher.Would it be best for me to use my heloc to add bedrooms to the basement or go the full legal suite route to generate more rental income from this property? 

I deal with a lot of investors everyday. 

Ideally, you'll have an agent with in house property management, because it keeps them accountable after the sale.

Ideally, you're getting 10-12% CoC ROI on a $7-9MM property (or properties) with 2-3% appreciation.

I would be cautious of considering it for less than a 10 year play.This is what we typically do (it is not rocket science):Purchase an RE that has a value add, ideally is a little below market value, in a nice enough area with good appreciation benchmarks.