I've been building a 1 bedroom carriage house on the property in my spare time for the last few years which my wife and I plan to move into in the next few months so we can rent out the house.

@Samara Huntley thank you so much for your response.

Instead of thinking everyone is n00bs, think of everyone as a potential partnership or source of marketing so that you can help them with the things you are great at, renovation, etc and they can find you the deal that you keep trying to find.

I currently don't have a team out there, just have been researching the area as a whole so far.

(nice to meet you.)what i can help with is determining how your property might perform as a rental. so let's do that.as you probably know, you need to factor in much more than mortgage / PITI. so:will you self-manage, or hire a PM? 

some of my agents would just use magnets so they could put them on and take them off. 

So you’ll owe taxes on any amount you sell over $68k minus capex.

Thank you so much for your answer.

Here in TX the soil is mostly clay, and it shrinks and expands with humidity level (thus the need to "water the foundations" as a measure to avoid foundation cracking), so foundation problems are a common occurrence.

Is there a lender that will loan just the purchase price, collateralized on one of my properties (2nd position, well under 70% LTV) so I can bid on it?