Do I simply jump in with a rental that would (based on the calculator here) give me a 16.56% CoC ROI and move forward from there?

You might have wonderful memories of grandma’s house and know it’s incredibly safe based on fond memories of playing cops and robbers with your friends at night, but guests have their own point of view.

I want to know who's responsible for this repair based on my lease.

Are you in an area where land is very valuable leaving you with less to depreciate? 

Appreciation is based on the $1M, not the $200K. 

This leaves friends/relatives wanting to help you out (emotional based investing) or people unsophisticated and naive (likely disciples of a currently heavily promoted guru).When I, or any other investors (with significant capital) I know of invest, either equity or debt), we only consider deals where (1) the “sponsor”, or borrower have a significant investment of their own capital, unless they’ve owned the property many years.  

We are looking for an attorney based in Texas since our LLC is registered in LLC.

Are most lenders looking at my W-2 history and DTI to determine whether I qualify for the refinance or is it more based on the asset and/or its cash flow?

I would greatly appreciate any tips, recommendations, or cautionary tales you can share based on your own experiences.Specifically, I'm interested in learning about different creative financing methods, potential pitfalls to watch out for, and any legal or financial considerations that I should be aware of before proceeding. 

You'll bring a downpayment based on the total project cost and you can get seller financing to help with some of the equity injection.