And you're competing against detached homes vs. your townhome/duplex. 4.

If you had this plan Prior to purchasing them home, you could have taken a variable mortgage and put 20% down, you could then complete the reno out of pocket, and then after the reno was completed you could refinance the property to take out the equity on the increased value with the legal suite to pay off your debt to compete the reno.  

I can now have a competent conversation with a landlord/tenant attorney about details.

You definitely want a competent real estate attorney to draft your Operating Agreement. 

There will be a HUGE difference between appraisers competent in the income approach to appraisals and those who are primarily using the comparable sales approach day to day. 

If you can close as fast as title can be done and ready for you to close, that is a huge selling point to sellers, you versus the competition who will either need cash, or a Hard Money loan to be able to compete with a guy like you that has a suitably sized HELOC.

When you look at all the economic dynamics of the DFW market, things look very strong, very strong for rentals.Look at all the big single family players, big institutional players, and also maybe just mom and pop single family and multifamily players. 

if you are doing this full-time, then you shouldn't have any other competing hours for the 50% requirement.Don't forget the annual costs (~$2k to $3k) for just having your license active.Good luck.

It is shocking to see somany individuals (who may even be competing for the same business)try and lend a helping hand for nothing in return.

if you think credit is tight now.. if we do have a crash credit will stall out and ONLY cash buyers will be players..