If any of those go wrong, you can lose money.I don't know if we will be in a down real estate market in the next 5 months to a year, but I am pretty sure in DFW there will be decent annual growth over the next 10 years.We have done both flips and rentals, and honestly we like the flexibility of having multiple outs where out exit strategy can be either selling a house or renting it out.

Your numbers look pretty good, just make sure since it is a 1901 house that you have more budgeted for repairs and cap ex. 

I was terrified....i wish i had bought more..light fixes, and holds, turn over to prop mngmnt, with right funding in place beforehand is pretty easy..even less emotional than being to much into it involved present...i just suggest don't buy substantial fix, rehab and flip from out of state...and not knowing area or connections...but hold is pretty easy, not so hard, with right agent boots on ground...

To NOT permit any guest or invites to reside in the Premises without prior written consent of Landlord.I think this is pretty clear that by allowing another person to move in they have breached the lease.

(ours is up 3 miles of steep grade pavement and then another mile of gravel... but the view is to die for)I would urge you to be especially conservative with your vacancy rate - Maggie is pretty much dead all through the winter, and over the years I've seen many, many small businesses come and go because they couldn't make it through the low season.  3-4 months of little/no business is the entirety of your 33% vacancy. 

That said, MFHs are rare in this area, and usually pretty expensive.I could try squaring that circle by mailing/cold-calling existing MFH owners, taking on a rehab, or buying a DC/Alexandria townhouse and converting it.

Up until 2002  options for the above two scenarios were pretty much limited to NNN properties and actively managed small group properties held as tenants in common. 

A lot of the location question comes down to your goals though as many folks are taking pretty slim cash flow so they can live in desirable areas.

Dodd frank pretty much screwed up this strategy .

They're going to cost a pretty good chunk of change, but it'll probably be less than the rent you lose in the long run.