I can tell you from a lot of personal experience that it can be a great cash creator and can help you create wealth like nothing else I've ever seen (especially for the risk level that a good area can provide). 

It is in pretty bad disrepair, with the biggest and most obvious issue being the mold that is in every room of the entire lower level of the home (it's a 5BR, 2BA (~2000 sq ft) split level - lower level has one bath, living area, 2BR, storage space and utility room).

We have investors from all levels- including those who are just getting started.

One of our clients recently used, HomeSmart Inspections and I was extremely impressed by the level of service they provided. 

Leverage the cash by safely purchasing the multifamily property/properties that will provide a return you are comfortable receiving at a risk level you can stomach.Tough question- you may also consider the FHA program: https://www.biggerpockets.com/renewsblog/2012/11/08/fha-loan-multi-family-investment-strategy/

It will depend on level of finishes you.

Texas has the other interesting problem of the energy economy, particularly out west.Another option you can throw to the owners is that they seller finance and stay as the tenants for awhile.

If you two find a property together, yall both have some level of liability.

I would also include the inspection (that's huge to make sure they know you're serious about no damage to the property, beyond normal wear and tear).I put together a high level checklist on how to manage your property.

It involves adding piers in the middle of the house and jacking up the old foundation to make it level.