Since you're just starting out in the Houston market, your best bet may be to offer your services as an experienced rehabber to a new investor who has some capital to invest.

My ideal scenario would be that we find a 2 or more acre lot, hubby the 2 kids and I are in the "main" houses and there is a cottage house or some sort of agreeable sized outbuilding where my parents are -- hence, they are close enough where we can help them out but both families have their own space.This more than likely would have to be new construction as I don't know if these types of properties are available around here (at least listed on the MLS).And of course space costs money in real estate.Any suggestions (other than don't do it, ha ha!)

The rain you guys have seen over the past few months is a good example.If that doesn't work, installing interior drain tile is probably your best bet.

When you walk up to a slot machine and make your bet, your most likely result is that you will lose that bet.

Billy, you might consider rehab/flips or new construction in Austin, and buy rentals farther out where there is better cash flow.

What are the pros and cons of building a new house vs. buying an already constructed house?

I think it's a pretty solid bet that prime will go up here pretty shortly.

Dawn, I'll bet too that your offer was limited to X payments and that the the transaction was with recourse, meaning that if there was a default before the buyer received thier payments, they could hand the contract back to you and demand part of the sum paid back, or you'd be liable for the rest of the payments.

My wife and I are waiting for our new construction condo to be finished.

I am going to be renting my current home when I close on my new construction.