That is going to likely put you EOTR (East of the River).The other thing to keep in mind is that FHA has strict condition requirements, and many of these properties are not going to meet FHA condition guidelines.Also be aware that you will be at a competitive disadvantage because you are using FHA financing, on an asset that a lot of cash buyers are looking to buy, and then cut up into separate condos.As a first step, Id suggest using a strong lender, and going through preunderwriting so you can get an actual loan commitment as opposed to a generic preapproval, to help boost your position.

Daybreak has some strict rules about renting.

Because of that, the county has strict rules on how to upkeep a property. 3.

If your tenant cannot handle routinely sending you checks in the mail that don't bounce, you can and should do better.

@Kiran Na is your sibling able to purchase something as a primary residence here in Dallas or you strictly looking at rentals?

I started using Wave, and while it’s not strictly for real estate investors, it does act like a free version of Quickbooks and does have some nice features.

I would like to set some strict pre-qualification criteria in order to get the best tenant possible.  

We have a set of cleaners who understand the timing and routine.

They keep tight control of their rental properties after their cash is out of them and they routinely check up on any property managers they hire.Go turnkey or a similar strategy, and whatever you do, don't fall for the guru line that wholesaling is the right way to get into real estate with no money down.

I still routinely buy 7.5-9 cap deals (with some rent increases) just takes bigger properties and jumping on properties when they come up.