If you fail to address some matter as to taxes or operations, state or federal law may default to how that matter is addressed, that may not be your intention or desire and not understanding issues can really cause problems, for you, others or heirs.

Yes, Plano will bring with it more competition, but for good reason as it is a more desirable area.

I'm looking to start with single family properties purchased for ~$150k with a desired profit of $15k after considering rehab, holding, financing, and other quiet costs.

The place I chose is in a very desirable neighborhood for families seeking top rated schools, so rental demand is there.

Investors come in all kinds of risk tolerances and investment desires.

or would you stick to better more desirable areas like Seminole Heights where you get more high end tenants.

It's a very desirable area. 

Here's a link you may find useful. http://www.foxbusiness.com/personal-finance/2013/08/07/tax-rules-on-renting-your-vacation-home/A word to the wise, however, vacation rentals or "Air B&B's", the new trendy cliche of the day, are not always the most desirable investment for the unseasoned investor.

The house itself, though once clearly desirable and prestigious, is completely dilapidated.

I am a young and motivated entrepreneur with great desire to learn more about this vast world of real estate investing With a main focus in multi family and commercial real estate.