Ultimately, I'm not too concerned with short term price fluctuations - it's about having the liquidity to survive a 3-5 year recession and the associated declines in rents.

Well, I need $25k to get the job done, which means I'm $3,000 short.

I assuming you’re using a PM that collects that short rental tax?

If it were a short term deal as an investor I would expect a higher rate but 7% seems pretty fair for a long term deal. 

Agreed, in the short term it will hurt the market, but it will also filter out those that want to make a quick buck and think it takes 1 week to flip.It’s like a lot of industries.

The 3 we've short-listed are located in Killeen, Temple, and Elgin.

If you bought a property with the intention of renting it, then got an offer you couldn't refuse and sold it within a year it would be taxed as short term capital gains. 

@Wes Short Thank u and i will follow u advice

In short, if there's 6 or more adults living at a single family home, you're supposed to get a permit. 

.- Purchase a 2-4 unit with an fha loan- After one year, I can buy a 1 unit with a HomeReady loan w/ 3% downB)- Don’t refinance fha - Buy a 1 unit with HomeReady loanThe opportunity cost here is not refinance get fha and missing out on an additional stream of income from getting another multi.I just started with my research and I know there is more out there.What I highly suggest those starting out to do as a short term plan is- buy a 2-4 unit with the HomePossible loan w/ 5% down- after 1 year, buy another 2-4 unit with an fha loan with 3.5% down- after 1 year, buy a 1 unit with 3% downI heard this plan recently on the JF1401 podcast.