First see if subletting is legal in your area.

Owner financing to me seems worse than just renting on a property that needs a ton of work it sounds like a legal nightmare trying to foreclose on someone who stops making payments because they think you sold them a lemon.

I am wondering, if I have a mortgage for the home I live in, will I get approved for a loan for a rental property with my current income?

If so, the contract has already been assigned to you and he can’t legally just assign it to someone else. 

I am curious about the legalities of buying the new property outside of the exchange, dividing the property and buying the empty lot with the exchange. 

Approved amountPrequal letter providedDoes one have to use a specific conventional lender, or can anyone be used (for buy-and-hold properties)?

If most people are flying to your destination, it's much harder to get 15-30 or more people together, and those larger homes stand less of a chance.While I've done a bit of research in Galveston, definitely not enough to answer your question.Another angle to consider if it's legal from a short-term rental and ordinance perspective, buy a home with a number of large bedrooms, and create exterior doors to each of them, put in a kitchenette with a microwave and mini-fridge, and rent them separately, in particular if most/all of them can have en-suite bathrooms. 

(I didn't take the final per my company's legal counsel.)

Tips on how to effectively manage the 201(k) lending process (pre and post loan approval)?

Exactly what @Mark Hoover said...... how many horrible tenantts get virtually "evicted" but it never goes far enough to actually have a legal recorded eviction.