That is, that lease options are illegal in Texas. 

Yes - the Multifamily DSCR Loan option is a strong option here - not sure if you've seen this BiggerPockets article on Multifamily DSCR (versus traditional MF loans) but sharing here in case it helps - https://www.biggerpockets.com/blog/multifamily-dscr-loansIs the property now fully leased out?

Perfect for those seeking a hassle-free move-in experience, this property features a well-maintained yard that gives the option for easy fencing to enhance privacy.

I would prefer to keep the tenant than to find new tenants so weighing what is the better option and what others have experienced.Thank you in advance!

Don't hesitate to offer significantly above the asking price, as you always have the option to negotiate it down later.

Its not as polished as other options though. 

I've never gotten more snail mail in my life (mortgage statements, bank statements, invoices, etc.) and it seems like every time we turn it to "paperless" options, the mortgage is sold and then I get all new mailed statements to turn off again.

Classic path of progress stuff in a close-ish market.The other option ( which could be very unpopular) is to sell both and preserve the down payment funds. 

I'm sure you have heard about FHA loans, they are great for house hacking, and you can get a better understanding of your next steps by hearing their recommended options as well.

We see the opportunity on a few different properties, targeting the numerous amounts of recreational activities available, fishing is really popular.