Base on these and the current mortgage it should cash flow about 100 per door.

Fully landscaped yard maintained by the HOA.Down Payment: $0.00 Loan Amount: $203,000.00 Amortized Over: 30 years Loan Interest Rate: 3.625% Monthly P&I: $925.78Monthly Income: $2,200.00Monthly Expenses: $1,949.20Monthly Cash Flow: $250.80 Pro Forma Cap Rate: 4.97%NOI Total $14,119.00Cash Needed $4,000 Cash on Cash ROI 75.24%Purchase Cap Rate 6.96%

You are better off sticking with the opportunities that are going to start flowing in Houston, especially since you are local. 

You can 3 - 4 times more cash flow in other areas.

All gains and expenses will flow through the IRA. 

This is important because, in theory, you are only buying homes that have positive cash flow.  

To invest in better areas you should be looking at properties in cash flowing markets in the $80K range and above, preferably with at least $850-$900 rent IMHO.

Should we have a joint bank account separate from our own strictly for the REI business to keep track of funds and cash flow recycling and etc?

That would mean, a steady cash flow, and not having to worry about turn over.

Why don't you use $200,000 equity and invest for cash flow in more affordable markets and still retain the property for appreciation.