Even after you have some rentals, the cost of investigating another market before pinpointing is also considered personal in nature, for most of the individual. 

Lots to think through, but I'd start with thinking about your local market and if your goals are primarily short term or long term in nature. 

@Evan Pickvet-Hall That's Challenging one. 

It is human nature--when faced with no money for a roof over their head or a lie, many tenants will pick the lie.  

Part of us really wants to take on the challenges and if it doesn’t work as a rental, using he $100k budget then we just modify strategies to a flip where we should have plenty of runway to break even.

It looks more expensive than what you're contemplating, and you'll need natural gas(though some work on propane,) here's an example:Combi Boiler

Depending on your tax filing status, Single, Married Filing Jointly, Married Filing Separately - you may be disqualified from taking this very valuable tax deduction based on your income and the nature of your business.

To spend enough to cover the sale price on what would probably be 3 properties if I bought smaller, as I like to buy distressed units, finding 3 deals within the allotted 45 days woukd be a challenge IMO.

The partner’s sons will not trouble you much, but look out that some boys poorer, much poorer than yourselves, whose parents cannot afford to give them the advantages of a course in this institute, advantages which should give you a decided lead in the race–look out that such boys do not challenge you at the post and pass you at the grand stand.

Hi Bain, while i personally have never lived in Houston, I did join in on the efforts to help people get to safety after Hurricane Harvey, and to me, that one natural disaster would be enough to convince me to not move there for real estate investment.