I wouldn't take much stock in what your realtor recommends, they typically list higher than what it's worth to lock you into the deal  I use flat fee and can sell myself or MLS which works very well for me in the event I do a creative sale. 

I’m assuming some sort of LLC or similar.

It works ok in some areas but apartments will typically rent for less than houses.Last, I didn't see utility costs. 

This includes FHA, VA etc.For non owner occupied investment property typically it’s 15 percent down minimum for Single family and likely 20 or 25 percent down for duplex, triplex etc

Salesmen typically try and sell what they have in inventory and badmouth the items they don't have access to.

I will be the sweat equity partner at least on this first deal.My question is has anyone else started this way and what sort of things would you recommend besides some sort of written partnership agreement?

Although the Killeen area is much more affordable than the Austin area, prices are still a bit high for cash flow purposes on typical SFR homes.

The cost is higher and there are typically more exclusions on those Excess Lines policies. 

@Caleb Heimsoth Everything I see about subject to suggests it isn't illegal, so I am guessing the lawsuit would somehow relate to the buyer/seller going after one another in the event of some sort of default of their contract or the note being called due. 

Also, what's your suggestion on closing schedule for multi family apartment typically?