@Sarah Kensinger agree, I am just exploring different options and weighing the pro/cons. 

If you were wanting another property within the next 6 months after selling her condo this could be a good option. 

You have 3 options for Property Management - Suncadia, a local PM or do it yourself. #1.  

If I didn't want any more rentals (or had no more borrowing power as I was maxed out), I'd still probably save that money as I can earn more off interest in a savings account than I'd save in interest as my mortgages currently have low interest rates. 

@Oladayo BolarinwaInvestors looking for rental real estate in the Houston area have several great options to choose from.

Definitely open to both options

Location (rapidly changing/close to amenities)This will hopefully make it easier to rent and give you options to rent out short term if desired.

Who knows.Another option would be to buy a small parcel and slowly build a house with/for him and pull owner permits.

Being leveraged for a bit isn't the end of the world - there are usually options available if push comes to shove - 401k loan, personal loan, sell stocks, credit card (then balance transfer continuously until you can pay the balance off) and lastly sell.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.