I still can't figure out how you did it for $3k, but more power to you!

We did have 2 house managers , screw up  and they had the power to get you back in line .   

I believe the biggest arguments against Portsmouth are the high local taxes and of course the crime.

Many tenants dont turn it on because it is loud thus after a hot shower they open their bathroom door and the steam goes into the room or closet and gets trapped creating high humidity. 

Can you please share what areas are the best to invest in in this current market of high interest rates and low inventory?

The second property will be purchased with a mortgage (you can determine how high or low the leverage will be by adjusting the proceeds you use or the price point of the 2nd replacement).You are adding some measured debt at a level that your dad can be comfortable with. 

Hopefully, you can better time the market and sell high and buy low when you find a deal. 

I am a little concerned about the high property taxes in Texas.

    - Once you have made improvements (ie. clearing land, bringing in power, etc. you will probably have to purchase a Liability policy2.

The risk is high that they will be recategorized by the IRS upon audit or examination, which means that you've overcontributed to a retirement plan.