Right now I think the better areas are the perimeter of DFW...I always say just draw a big circle around DFW and invest either on or on the outside of the circle. 

Just outside the resort towns with a short commute to work.

For comparison, if I did the same with my Los Angeles properties my exit IRR would have been in the triple-digits.My two favorite cities outside of LA are NY and SF and I would absolutely stay local if I lived in either city.

There are a lot of regulations that go into this and can create a lot of legal issues if you step outside of the rules/regulations. 

I also know you are only allowed 1 FHA unless you meet certain criteria, such as having employment somewhere outside of reasonable commute times.

Brandon Turner has said a few times in the podcasts that getting legal help outside of in an actual legal battle is relatively inexpensive so I'd like to see what kind of help I can find.I need someone who can help me establish an LLC structure that will keep my family as legally immune as possible as we're starting an Airbnb empire.

Early discussions have been to manage our own rentals, and have most repairs done by an outside contractor if needed (we both work 9-5 jobs and I own an insurance agency). 

We have a farm property (primary residence) that is just outside of a quickly growing town.

At the end of the day, the security deposit has been collected to cover any damages at the end of their lease (outside of normal wear & tear) & they shouldn't be forced to pay a pet fee is there is no pet. 

Ryan,I have clients in similar situations were the part of the property is in the flood zone that would normally require flood insurance (A or V zone) but the structure is outside of that zone.