Do you really want to be operating a business.I would sell and invest the money in a income fund of some type that could probably generate a 8 - 10% return without a problem.Let your children get loans if necessary.

Any lenders in Dallas that offer this type of product? 

I have developed some sceptisism towards "home run play" type of investments - buying farm land cheap in the path of development and the scoring big is financially appealing, but the idea  also strokes the ego; every investor loves a good turn arround story!

In today's legal world, it's always beneficial to have some type of legal documentation if things don't go as planned which happens quiet often.

If so, do you have any recommendations on lawyers I can speak with to put together legal contracts that are required for this type of investing?

What would this type of insurance do for you? 

I've received quotes from lenders for different types of loans, insurance quotes, and should be receiving rental projections from one of the major property management companies in the area.

Account Closed says we do have a current abundance of student oriented (Resort Type) properties.My properties are SFR, and my prime tenant are typically people with Kids, based on Schools, bedrooms, locations, etc.

Another option they have is to hire someone to get them out using borderline legal methods (this type of business is booming there now). 

We've had good luck with Clear Title who I believe can do all of those types of transactions.