A particular advantage I have is that I live in a huge ranch townhome that was built on a block where an elementary school was 10 years ago.

Sonu Sharma depending on your resources and timeline another place to try is a Law School Clinic - Texas A&M in Fort Worth, SMU or UNT in Dallas.

Also want to make no issues with traffic or possible school board.

How is the area and school district?

I have won my knowledge through the school of hard knocks and have gone through ups and downs. 

We put our house up for sale and decided to rent so we can be in a better school district for our kids(Klein ISD).

Most of the jobs are tied to a large factory, the school system, etc.Property SHOULD be worth at least $300k after rehab is finished.My thought was to refinance, pull cash out to pay off the $50k line of credit, and recover as much of the down payment as possible.Am I spreading myself too thin, trying to pull financing together?

I have several rental properties, and I am inclined to not run background or credit checks on students that are in professional graduate school (medical,dental, PA, optometry, etc) because I know the requirements of the school will not permit students with a criminal history, and they are funded by loans or parents and don't have much credit history anyway.  

Tons of things can be rectified easily over the phone.Reminds me of the old school IT help desks scripts: "OK, Sir, you say your computer is not booting up properly.

I recently finished a MBA degree and have been renting while working full time and going to graduate school.