If that is the case for Federal purposes you need to report any income from your rental property on the Schedule E of the 1040.- Regarding Texas, you may want to verify this as I'm not a Texas resident but even though Texas has no income tax it does have a franchise tax.  

Your plans might change down e road if you decide to scale.For my particular situation,  I don't payoff extra debt unless it is hard money or a unique circumstance.

@Jack Martin Lets do business sir....I’m new, ready to learn & be financially stable

Either call was not answered (heard the call waiting beep) and when answered someone just said "hello" William E.

And if you know anyone in the town hall, building inspector, water dept etc, my phone is ringing and I'm getting E-mails, the hard part is tracking down the owner!!

The college will keep employment stable.

I could only find a 2642 W Lehigh Ave and a 2642 E Lehigh Ave.

The purchase price will obviously be higher and the return will be lower but you will get a much better tenant and a more stable return.

We couldn't refi for holds and retail buyers for our properties were starting to have trouble getting loans meaning that our properties that were finished and ready to go sat as dead weight while we were trying to liquidate.Our $100-200/month cash flow on our stable properties couldn't support the debt service on the vacant/unfinished properties for very long and we ate through our reserves pretty quickly while fire-saling everything to make our private money whole.The 20/20 hindsight is that we sold our best properties early because we thought we could weather it out with enough cash and prices weren't really dropping.  

However, I have not had stable employment for the past two years, but have worked/held internships every summer and winter since starting college (September 2012).