Was looking for any recos from experience in Houston and surrounding areas (Spring, Woodlands, Katy, Conroe, or any others) for apartment investing, as well as property managers in the area (ideally dealing with buildings up to 100 unit range, but am of course open to those with higher experience since I will most likely syndicate).

They all have different rules in different states, though, so it really is basically a research project to find the right fit that works for you.    

The reason is because this place is not what you were looking for and doesn't fit into your plan, even if you could get it for land value.

It may not fit your individual definition of 'little to no risk', but the income is not taxed by the federal government.Depending on what you want the money for in the future, have you considered a retirement account or a 529 account?

Since they are paying market rents and the current lease is solid I would continue on month to month until you live near them for a little while and see if they are a fit. - make sure at closing or in advance of closing you obtain all of their contact info as well as any keys the current owner has for the occupied unit. - Even if you get a copy of the lease for the occupied unit make sure you have the sellers sign an assignment of lease doc and the tenants sign an estoppel agreement.

Run your numbers and stick to your ideals.

You will have a higher income and more equity, with less debt.   50-60 is ideal imo.   

@Kyle J.Yeah, this is not ideal.

I too have read this forum occasionally in regards to owning properties and dealing with rents as I deal with real estate and have family members who do as well.

So if you have money, or a good paying job, and want a place on the best lake, but don’t want to shovel snow, mow the lawn, or put the docks in and out, this is your ideal location.