Not a Baylor student anymore, sadly - I love the school though, and talk about it (perhaps too proudly?) at my new home in Nashville.
1) I think that it'd be tough to convince them to give you a year off to specifically get residency status. However, they are pretty generous in terms of the leeway they give for deferrals. As long as they're convinced you're not just stringing them along hoping to re-apply, if you can come up with a reason to defer that oh just by the way would get you Texas residency...
2) Most students are set up with the office in charge of all of that on Day 1, because they want to maximize the money they are getting from the state of Texas. Certainly if you're fairly sure about Baylor, you can start talking to this office earlier.
3) Most people buy property. I think it's the easiest way, and given the growth in the Medical Center area, it's probably as safe a bet as real estate will be. I actually held on to my townhouse for investment reasons. And with interest rates as low as they are now, and you being as safe as risk as there is in consumer loans, young doctor-to-be... you may find that you will pay less in mortgage than you would in rent. The other ways to get Texas residency are to work 12 straight months in full-time employment in the state of Texas (i.e. you can't be a student or work part-time) OR to be married to a Texas resident. Err, please don't do the last one just to get residency... 😛
Hope you join the Baylor family. I'm busy but I always love to recruit folks to the school and the medical center - one of the absolute very best places to get a medical education in the world.