Choose an attorney who's familiar with these kinds of agreements and done a dozen or more.

One last year had oil paint 3 layers thick- but just the border between a huge area rug and the walls. 

The 30 year gives you the added flexibility (and safety) of choosing your payment schedule as you go, at the expense of a slightly higher interest rate.

The property is a 4/2, 2500 sq ft, needs paint and carpet.

First choose correctly.

Because TX is such a unique market, a local agent will have more options to choose from.

This is the definition of a paint and carpet rehab and I anticipate about 15k in repairs to get the property ready to sale or about 5k if getting it ready to rent.  

But talk to the RMLO about what you need to do so that you will have a proper mortgage note that you can resell later, if you so choose. 

Don’t think because you have fancy counters , recessed lighting or nice paint layout that you will get one dollar more in rents than the other houses on the same block

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.