Better to be safe on your first one and make some more working capital then face a possible rental money pit.

Then it seems it would be worth it, with the added property tax and Insurance cost ( possibly $175 / month) for a total of $652 cost.

@Linda Weygant It is possible that some localities have an overlay that would govern the situation but I have not heard of any. 

Also look at @J Scott books. they helped me nail it down, but I recommend you keep track of everything as detailed as possible so you will be able to really lock everything down in the future.

I have been marketing for them but only landed to possible leads so far.

Can anyone provide me with me with a lease that includes every possible foreseen situation under the sun or maybe a list of must haves and tenant requirements.For example: I listened to a BP podcast where the land lord requires all tenants to have renters Ins. and have her name on the policy.

I would go as long as you possibly can.  

To fund building a garage we are looking at the possibility of building one with a loft that we can rent out.

Another possibility is a school referendum...

First step is to look at the lease since you have a non-standard, possibly non-Texas lease.