However, due to lack of experience as GCs, the project owners may have saved money, but usually at the expense of speed, comfort or quality.

Does it say anything about rent being paid by cashiers check or money order or by that method if personal check bounces?

There may be better methods, but that's what I do, If I want to take it further I will call a Realtor, If I dont plan on buying through or listing with them, I offer to pay them for a cma, or opinion of value.

Also, is there a similar method to determine holding costs for rehab projects in Texas?

What methods are you using to find these?  

@Alan McCraney sometimes quality doesn't always align with value.

Work with a broker who will actually teach you notes (rare because they usually teach what they want you to know in dealing with them) another way is to self study by looking at various brokerage sites, talking with other investors and reading the note forums, the last way is to pay some guru who may take you down a path of showing you some method that is often expensive.To my knowledge, there aren't any "note schools" or education programs that do not have some vested interest in how you do things or where you invest......that may change soon.Non-performing loans can be worthless.

The simplest and easiest way to resolve the Owner Occuplied requirement is to live in the property for a year, but the aforementioned method is also tried and true. 

I will definitely be employing these methods that you have recommended.

The pros of keeping that one are you already have it, less paperwork, better chance for appreciation, and most likely higher-quality tenants.