What is your time-frame to accomplish that?  

For anyone interested (@Russell Brazil @Brian Ploszay @Shawn M.)Brookings did a good job laying out both some unsung positives and negatives in a fairly non partisan way by looking at actual impacts of two real examples, in San Fransisco and Cambridge MA, over long time frames. 

If we don't care about the coming 6 month yield, in 1-2 years timeframe, if the price goes back up to normal or if the rent goes back to normal, the yield should easily be doubled, (even it is still 6%, the actually cash u are receiving would be doubled if the stock price goes back up.)5.

Won’t give a timeframe for when they will move and won’t sign anything.  

I took 'snapshots' over different time frames to see if any patterns emerged.

I met the owner and became friendly over about a 6-month time frame after we connected talking about growing near the same part of Texas.

On the balloon, decide how long you want to go before being paid off and stick with that time frame?

I agree 100% on renovating both units to achieve maximum rent targeting pay back on expenses in a maximum 2 year time frame.

My next question for you is, do you know if there is any time frame in which you have to wait before refinancing a home in TX? 

There are steps you must take within certain time frames as you can see and I won't go into it.