It is designated as a Historic Landmark by both the city and the county and is a focal point of many events and local news.

I believe the city will require you to designate a number or percentage of the new units as affordable (RSO). 

It starts with a self-directed IRA held by a custodian, but the IRA simply makes one investment into a specially designed LLC entity.

Seems a bit silly to crap on someone for asking for real estate investment advice on a board designed to get real estate investment advice.I feel differently, but less strongly, than you on this.

@Joe Splitrock I'm actually quite familiar when it comes to 1099 all of my job's prior to this one have been a 1099 I worked as a landscape designer for 7 years and a chimney sweep for 4 as a 1099 so I'm very familiar with that.The only problem is that I do have eczema, pretty severely. as a government job I would get pretty nice health insurance but also if I go and work at Starbucks for over a year or something I get health insurance there too hahaha

Do you plan to keep the Section 8 designation?

HELOC is an option but you'll find banks try to be very conservative on HELOC appraisals (by design) and it's much harder to find a bank that will do a LOC on non-owner occupied.

Good economic prospects, decent rent to buy ratio (notwithstanding the current housing bubble that has put a bit of a squeeze on traditional leases), and most importantly, properties available for low, low prices.

Probably 5-10 units inside the Baylor bubble in the $600k-$1m range.

Shouldn't we be hitting the top of this bubble pretty soon?