The house required new flooring, new exterior siding, new windows, new cabinets, new siding, new plumbing, and new electrical.

There are 12 states that require NMLS registration and a state license for ANY loan on a 1 to 4 unit.. the rest of the states you may make a commercial purpose non owner occupied loan without a license.

We understand there is a limitation on how long you are required to live in the property to keep your homestead exemption.

It's easy to obtain, costs very little, and doesn't require additional, on-going effort to maintain.

3) Are there any specific requirements or compliance issues for an out-of-state LLC owning property in Texas?

Hi Brandon,You'd need to find and build a strong relationship with a local bank to do this, which would require a lot of experience and time.

Success in both SFHs and Multi-families still requires purchasing at the correct price and having the correct systems in place to deal with issues as they arise. 

In my area out of area landlords are required to have local property managers. 2.

Your profile mentions that you are looking for rental properties that require a lot of work. 

Make recommendations if you want, but don't require it.$100,000 - $300,000 is standard and sufficient but talk to your insurance agent and they will help you get clear.