The reverse is true for the closer you get to Killeen.

@Chris Conroy yes it’s true banks need 6 months seasoning.https://www.quickenloans.com/blog/delayed-financing-uncommon-refinance-option-cash-buyers

I am hearing that for investing in Texas, it is important to find newer homes (aka newer than 2010, as resale wise newer homes would hold more value down the line) - how true is this ? 

This is especially true when the founders are going to be successful if a startup starts to raise money in order to be successful.

@Lucas Carl - Do those stats hold true in the 5-6 bedroom market?  

Ask if it can be a true 60 days, and not to the end of the month.Its hard to find renters this time of the year, and it has to be a renter they accept. 

In the current market conditions I look for sponsors that have the following:experience in all parts of market cycleare acquiring large assets no less than 100 units a proven value add strategyoffering a true preferred return (7%-8%)a 70/30 or greater equity splitmonthly cashflow distributionsinvest along side their passive investorsrunning a 5 year business plan and have debt terms that exceed the length of the business plan( this will become important if you have to hold the asset longer than the initial business plan)assets located in markets with strong economic indicators

Is that true that I won’t be able to qualify for a conventional mortgage by the bank?

And this is especially true if he has to manage others while still doing his own work. 

Everyone from the lender to the buyer is using the proforma, sales comps, rental comps, and true value add strategy to form their valuation in this market.Our number one goal is to find true value add with a clear upside.