Taking a bite out of the DFW Market

[Johnathan Robinson]

Hey Y'all,

My girlfriend and I moved to Dallas 4 months ago for some great career moves; she now owns a 7-Eleven franchise and I took a new job as a Financial Reporting Mgr at a public company. Now that I've learned a little about Dallas, I want to begin investing in real estate. I passively hold an investment property in Georgia, but want my investment activity in Dallas to be much more hands-on. 

I've spoken with a lender and have been pre-approved for up to $340K, with a stipulation that I put down 10% and get rid of property in Georgia. I assume they want me to get rid of the house to make the debt to income ratio work; I'm likely going to "sell" it to my dad.

My criteria: 

I want to buy and hold and I prefer a multi-family property (up to 4-plex) that we can occupy and rent; however, I know the DFW market it pretty tough at my price range. My desired area is North Oakcliff, which I also know is pretty tough at my price range. I am flexible to looking at SF that can cashflow.

What have been y'all's experience in the DFW market? Any tips you can give me on making my strategy work or modify it in a way that will work?