Keep posting on BP and network with as many people as you can in your area and you'll learn a ton. 

I'd probably lean more towards Richardson than Carrollton based on what the people I know say about schools. 

As other people have mentioned, you have already done more than a lot of landlords would do to support the tenant, not in a bad way!

There's also a question for us about whether we'd derive more tax benefit from investing in a mixed use owner/user property which was partly occupied by our LLP business, or whether it would be more beneficial to simply acquire an investment property that we did not use for our LLP business at all, since it seems that we could generate more income that way and could use that income to help pay for office space elsewhere.So we really would appreciate some input on some of these concepts rather than being sold an investment into someone else's project.

Would love to hear from people who have invested in the area.

It might help people get better information.

I'm what people might describe as a "jack of all trades, master of none" (although at this point, due to my current career, I have a fairly deep understanding of interest theory, loan amortization, assessing risk, and certain other financial topics).

Careful - many of these are marketing pitches for people trying to raise funds.

While you can potentially rent-by-room, this is a really tough configuration to do that with as 3 unrelated people seldom want to share a bathroom and if they do, they expect a pretty steep discount for it.When you mentioned rental arbitrage do you mean that you're open to someone renting it from you for the purpose of using it for arbitrage? 

I am sure you can find some people here on BP that could help you.