Double closings are perfectly legal in TX.

I can't tell you how to do your rehabbing or how it should be done because whatever works for you is fine and I am not perfect.  

<g>Ever notice how on those carpenter shows even the most complicated wood working details:  complex finger joints, delicate inlays, and etc. all fit Perfectly the first time?

My experience there should translate to real estate even though not perfectly of course.

To be perfectly honest I'm not sure.

I have had "perfect" on paper tenants who have been horrible.

Fix soft spots in floors (3/4" osb)  Windows - caulk and plexie glass, Roof - rubber, if exterior is trashed new siding on ferring strips, and white paint interior, carpet (no pad just glue).Make sure 3 things work perfectly: electrical (may need to update), plumbing (pex lines with heat tape wrapped in pipe insulation, and furnace (don't slack on this).These tenants want to move and thins to work. 

Perfect storm coming?

Unfortunately banks only caluculate 75% of rental income to protect themselves even if you show a perfect scenario with zero vacancies and new construction.  

I currently own a home that I used a va loan to buy in feb 14, so I have had it for a year I found a perfect 8 unit investment opportunity with 7 units already rents and they are asking 190k.