Knowing nothing about your market, I can't comment on fair market rent, but I would get a renter in there asap, whether that means taking less rent or finding a new property manager.

I have a great eye for detail and have become adept in fixing up properties and charging fair rents. 

You want to make sure this number is a fair and sometimes overestimated as possible.

How have other mailings faired?

Schools in The Woodlands (I think Conroe ISD), Cy-Fair ISD, and Katy ISD are sought after school districts, if you are looking to factor that in.

Originally posted by @Justin Fox:Hello Chris,I would take 20k and keep it on the side for fun, and use the rest to put down payments on a few rentals.Justin Justin,Again, I'm new to this so excuse my ignorance on the matter but is it fairly easy to do this?  

I am fairly new to investing however I have 6 years as a realtor and 3 years as a loan officer.

With that being said I would like to say that Do Hard Money is a good company to work with, but do not get disillusioned into thinking that you won't need any of your own skin in the game!

If deferred loan payments are possible, (and more importantly, fairly common), it'll go a long way in instilling confidence in this very big move I see myself taking. 

When I first started out, I used to do out of state investments (i still have a out of state rental), but personally, I felt I was so detached form my investment, my education was fairly limited (nothing wrong with that if you want hands off), but if you're wanting to start a property management company, I would be hands on It's not easy starting up a business being hands off.