The interest carry will eat your profits fast especially if you struggle to get the project done and sold quickly.The best way to get started in REI is by wholesaling.

Sure.Owner financing, Subject To, Wrap, Land Contract, (since you are in Texas Not "Lease Option"), Owner carry back, Joint partnership with the seller, VA loans.

The only issue I have is that it's a fairly small room full of people yelling and it's always hard to carry on a conversation.

@Tony Marcelle It depends on your state landlord laws, but typically any lease in place carries over to the new owner. 

Does a "Manager" carry out day-to-day at her discretion, but other partners vote on "major decisions" (such as a sale)?

Seller will carry for 5 years at 7.75% with $6000 down. 3/1.

Relationships are also fostered and nurtured through timely and constant communication.

Carry 2-3 sets of everything and make sure it's all made with an easy to clean material (sheets, pillows, wine, toilet paper, water bottles, shower curtains, window curtains, garbage bags, shampoo, coffee, ect). 

One thing evident is the circa 1970s 1050 sf 1 bath has a finite value it carries.

Does a "Manager" carry out day-to-day at her discretion, but other partners vote on "major decisions" (such as a sale)?