Also, there is a shortage of housing and a very high demand for rentals due in part to being a tourist town, but also because of an influx in people on coming from the west coast. 

.- Touching the MoneySometimes when people hear the kind of interest I pay they will get so excited about loaning me money that they want to hand me a big check right on the spot.

I'd probably lean more towards Richardson than Carrollton based on what the people I know say about schools. 

Keep posting on BP and network with as many people as you can in your area and you'll learn a ton. 

As other people have mentioned, you have already done more than a lot of landlords would do to support the tenant, not in a bad way!

It might help people get better information.

While you can potentially rent-by-room, this is a really tough configuration to do that with as 3 unrelated people seldom want to share a bathroom and if they do, they expect a pretty steep discount for it.When you mentioned rental arbitrage do you mean that you're open to someone renting it from you for the purpose of using it for arbitrage? 

Would love to hear from people who have invested in the area.

I am sure you can find some people here on BP that could help you.

Careful - many of these are marketing pitches for people trying to raise funds.