Ideally, I’d get 100% financing (75% private/hard with seller carrying 25% note) or something along those lines.

Could you get something from code enforcement which would carry more weight and try and stay out of the middle of this?

For example if you have a job and have to be at work by 9, if you wake up at 815 you probably will start your day rushing and stressed out which will carry through to everything you do that day and the "I am so busy" mentality. 

backup rents to make payments if a unit is vacant.Multi Con: Water, Sewer & Gas bills carried by the landlord.Single Pro: Higher Rents & longer staying tenants depending on your areaSingle Con: vacancy and holding cost.

The interest carry will eat your profits fast especially if you struggle to get the project done and sold quickly.The best way to get started in REI is by wholesaling.

Sure.Owner financing, Subject To, Wrap, Land Contract, (since you are in Texas Not "Lease Option"), Owner carry back, Joint partnership with the seller, VA loans.

The only issue I have is that it's a fairly small room full of people yelling and it's always hard to carry on a conversation.

@Tony Marcelle It depends on your state landlord laws, but typically any lease in place carries over to the new owner. 

Does a "Manager" carry out day-to-day at her discretion, but other partners vote on "major decisions" (such as a sale)?

Seller will carry for 5 years at 7.75% with $6000 down. 3/1.