Houston is the 4th largest city in the nation with 2.3 million people with projected positive job growth. 

But if you think positively and creatively, learn all you can about your new industry, you can keep a clear, focused and calm state of mind which will pay off tremendously in being able to say exactly the right thing at exactly the right time, in exactly the right way.I wish you luck in this wonderful, exciting and rewarding career.

One of the challenges when you get to the point that you are at, is becoming independent, but also your ability to maintain your DTI ratio so that a bank will still loan to you.

In good to better shopping centers, e.g. well positioned un-anchored strip centers with chain store tenants or strong grocery anchored centers, it's very common.  

Raytheon, for example, is anticipating an average salary of $110,000 for their 2,000 new positions.[2] Vector Space Systems anticipates average $70,000 salaries for their 200 positions.[3] Another beneficial effect of the growth is the amount of development currently planned.

He couldn't pay it before, so I doubt he would be able to pony up the money now.The house is in a good location and needs a moderate amount of repairs, the numbers are positive.

You should be prepared to establish clear boundaries and maintain them with any tenants. 

Has anyone ever been in this position?

Do you think this is positive for a rental investor as higher rates may make ownership costs higher for some buyers thus increasing rents?

I don't love it, would recommend to make sure you won't be putting yourself in a bad position.