I bought this house in March 2021 already renovated with an FHA loan so I only needed 3.5% down and had the house fully booked within 3 days after closing.

I would also consider Schertz, TX 78154. it is adjacent to San Antonio, is still affordable, and feels like it is in the same city. for context I own B and C properties.

Offer was accepted (e-signed, etc) on 8/7.Buyers agent verbally indicated that the existing lease ran through March of next year.The seller forwarded us the lease agreement on Monday - I'd been asking for it for more than a week.

@Grady Dennis I would treat it like a BRRR but you get to drop the B and call it a GRRRR since it was gifted.

I would rip off the band aid by terminating their tenancy, updating the place, and screening your own prospective tenants. 

In March, a selling agent and I viewed a 3plex (I wasn't interested in it) and she told me about a single-family house her childhood friend was considering selling. 

Lumber prices have fallen since March of 2022.

He thinks by February-March of next year a lot could change and some markets could go down a bunch in the next 6 months.

In both options the B and the first two Rs are the same -  I buy using a HELOC to fund the downpayment and rehab, a conventional mortgage to fund the purchase. 

I've been told that the average tenant is staying in a unit anywhere from 1.5 years for C class and 2-3 years in B and A class.