I typically talk less about the market conditions until we have a general plan in place, and then we discover what may work best with the current climate (rates, fear, opportunity, demand, etc..)

I was not very good at managing the assets.When I discovered passive investing in real estate syndications everything changed for me.  

Then I discovered RHAwa.org which for $110 a year you get access to their attorney created lease agreements along with several addendums (bed bugs, crime free addenda, smoke free addenda, notices).

Your strategy of re-marketing a 3-bedroom plus office as a 4-bedroom home office is a smart way to boost rental demand and rental income without major renovations.One insight I’d add is the potential benefit of exploring cost segregation studies once you build a larger portfolio.

But I have started to take my real estate endeavors serious over the last year and my studies much more serious over the last 5 months and although I may not be ready, I am ready and eager to take that leap of faith and try and put what I know into affect with the right people and obtain my first property in the West Texas area via House Hacking or a buy and hold deal within the next 60-90 days. 

If you're going to start with one at a time, know and study your competition.Good luck....you are right in the heat of things. 

For example questions I like to ask are: What are the current rents, target rents and who did the market study to show you can get those rents?

The fact that it’s a major rehab over six figures makes it worth considering a cost segregation study.

Study the market.

But it’s a loophole the the dishonest have discovered they can readily abuse.