The rest of it may not apply now.

The rest of the mortar passes the eye test but we'll see during the inspection.  

Atleast I'll get some money back.2) Lender foreclose the house after few months and I end up loosing rest of the money.Following are question based on this options:Q1) Am I violating any law by taking rental money (skimming rent in TX) as I did not sign any contract with any lender for this property?

(Lien searches only check official records at county, so if municipality doesn't file things which happens sometimes you are still on the hook.)

Unless you really know what you are doing, investing in RE can be a way to lose the rest of your net worth.

If $300 is already taken from the security deposit now what will be left to cover the rest come move out time?

They have not officially announced the same for this year@Michael Garcia - Yep!  

People that don't have direction in life are awash with time or sadly people who don't know what they are doing are fighting so many fires they are wasting time, while RE pros (which I definitely am not and I'm a RE hobbyist) are so busy running their businesses, prioritizing their families, and trying to find some time for their rest and relaxation they don't have time to waste by committing to mentoring a random person. 

Most likely they will provide you with walls and concrete floors and you will have to finish the rest (bathrooms, interior unit walls, flooring, lighting, etc).

I think in reality they have done and probably still do all the same things that the rest of us do but you only see the best of the best for entertainment purposes only