Numbers that I'd be interested in seeing over time include: number of these built in your area you're evaluating, the vacancy rate, and how many units have been abandoned (in current state but also over time). 

I was in the Army, and in from Texas, and I have about 30K saved up and had the real estate itch at this point so I decided to buy a home and investment (house hacking) and I don't regret it at all.For you just some key things I would point out is that Texas is an awesome state for veterans in many ways including real estate.

As for over-leveraging, so long as you retain around 30%+ equity in properties whose rent more than covers all expenses (including up to 70% LTV), would you really (need to) worry about that level of debt?

You can simply buy a copy of the applicable building code and whereever you find things are not contructed according to the building code including having obtained the required building permits would be a code violation.

You are going to have a 1.15 mil property, and you are only going to get 8500 gross a month, or 0.7% (not including cost of repairs you budgeted ).  

Must include at least an efficiency kitchen.

Does this include construction and consulting cost? 

For properties in disrepair that don’t qualify for a normal 203B loan, you can get a 203k which includes purchase price and a renovation.  

Again, I can't tell you the exact return by year without seeing the underwriting.Equity Multiple 1.94 - take your equity invested and multiply it by 1.94, this is your total return including the cash on cash throughout the deal, the money returned from loan proceeds if there is a refinance and lastly the proceeds received after selling the property in year 5. 

If that is the case, then mortgage interest on a note is passive and not subject to UBIT.UBIT applies when a tax-exempt entity engages in a trade or business on a regular or repeated basis.Passive income not subject to UBIT includes royalties, dividends, interest, rent from real property and gains on the sale of an asset that has been held to produce such passive income.Trade or business subject to UBIT generally consists of services or buy/sell transactions.