ENJOY the process of hitting guardrails and structuring offers, sometimes poorly, or losing deals and having sellers walk, or going OVER on rehab budgets and even losing money on rehabs as you learn what it's like to buy in a changing market.

In my experience, homes with window units only require a specific buyer versus having an HVAC which most buyers tend to prefer.

You just need to get specific on a certain city in Texas and narrow down the areas that are properly zoned for the flex space inside that area.

Some renovations on my current property are necessary, while others I believe will add proper value, but that's not the focus of my post.Once I sell my current property, I'll have approximately $165K in cash not accounted for in my budgeting, and I have 100% options on utilization.

You as a landlord should be the same, if they have Lambo taste with a KIA budget then help point them in the right direction.

They didn't specify specifics, but they said that they will work out a new rent schedule to account for the transfer of costs from yourself to them for heating and cooling.Incidently, they were trying out these new window heat pumps that look like a horseshoe. 

It is tough to find something in the right area (where STRs are allowed) that isn't a budget buster.

Is any land dedicated to specific residential dwelling?

In this scenario, the $200/month of cash flow is assumed to be invested somewhere else or used outside of this specific property. 

Go put your 600k in to a short term treasure bill and collect your 5% until you have educated yourself enough to know exactly what,where, and why a piece of real estate works for your specific situation.