This is really important for families in my opinion, but also important for anyone setting up a partnership.Ideally you would create a new LLC for this investment, so that the older liabilities attached to your current LLC would not be linked to this new investment.

@Brent Watanabe in my opinion, the property manager is the key ingredient in a successful out of state investment recipe--they already have a network of contractors, handyman, know how to vet them and negotiate pricing and plus they have access to deals--many times clients are selling or changing up their portfolios, and you have to be a broker to be a PM. 

Fourth, the cap rate is mathematically factored into the subject's calculated NOI and an opinion of value is developed based on that formula. 

In my opinion it seems like you're jumping on the band wagon.

Yes, there are probably many mistakes in the numbers here that is why I’m asking for honest opinions and advice.

@Naren Gunasekera Thanks for your opinion, I don’t have HOA, that was one of the points of my criteria before getting the house

Just my personal opinion...I would stick to regular comps and not tax assessments.

If you could beat that option, you might be able to get to around $900.I have a TX agent I could refer you to if you want a local opinion.

In my opinion, there is never a bad time to househack.

I Need advise/opinion from the experienced people on my next move.