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!

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

It might help people get better information.

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.

Essentially, people could donate money and get tax deductions and then that money could be pooled to buy property, fix it, rent it and pay a manager.I’m assuming it would be similar to a self invested Ira.

Also depends a lot on local authorities whether people will dismiss your concerns or not.  

I'm not exactly sure which bank they use because Stessa does not name it on their website but people here on biggerpockets seem to be happy with it.