We've been fortunate to have some great tenants in place and the property has a positive cash flow of $275/month which leads me to *think* that I'm doing ok on it.My goal is to acquire atleast 2 more properties this year to hold as rentals.

There are many steps you will need to take to position yourself to not only invest in the US but to invest in general.

That would only give you a positive cash flow of about $50 per month.

At first glance it appears that rents in the area will support positive cashflow, based on home prices, taxes, insurance, etc.

With a good chunk of our visitors being from Texas, I'd say you're in a good position to build your brand here on the site.Jump in, help out, participate, and I'm sure you'll see the benefits.You can also read the following post to get more info about promoting yourself here:How to Promote Yourself with BiggerPockets

Him giving you such a big rent credit is very positive.

if rent is $700/month, and the first mortage is $500, this won't make a cash flow positive rental.

Great positive cash flow.Any advice on structuring financing for something like this?

This would allow me to live in an area that I like and is convenient to my work while buying properties in areas where I can actually obtain a positive cash flow.

The U.S. net international investment position at yearend 2007 was-$2,441.8 billion (preliminary), as the value of foreign investments in theUnited States continued to exceed the value of U.S. investments abroad (table1).