Besides that, my taxes are relatively simple, W2 job. 

The income from the property more than covers the bank financed mortgage and the repayment of the down payment to the seller which I proposed to make monthly payments on. 

My father in law would say Yes, but that is also why we don't prepare his tax returns.

I think it depends on goals and experience, section 8 is a good guaranteed income, air bnb or short term will have higher rents but you will have more monthly expenses (cleaning, internet, lawncare) student housing is another option, and then good old LTR.

I have been monitoring and researching the Tax deed process in Texas for the last 6 months.

Invest in knowledge2.Save 20% of income for future investments 3.

If I purchase in the name of the LLC and move it into the trust then the LLC no longer owns the property (mortgage) and are there tax consequences for the LLC to do this and should I dissolve the LLC?

Solid market for low income investors, cash flow investors, Section 8 investors, that type of thing.

Once that rehab is complete, and a few minor updates to the cottage house in back, the 3 units will be ready for many years of rental income.

Try to get most of your learning out of the way before you try to do a transaction.Buyer seller agent    Commission splitNo subject to financingZoningMarket 3/2 2/1 parking school districts addl ADU property taxes insurance flood zones etc etc.