Investing in Austin area

[Paras Newbe]

Hello, I am from Seattle but the market here is too high and it looks like Austin might be an area to invest based on projected economic growth. My goal is to build up some portfolio that can start start generating some cash flow and to build up some equity.

I have couple of questions about Austin and about real estate investing in general. I have read a book from Brandon Turner and have some general input from other real estate friends. But still, my knowledge is very very basic.

1. Based on reading other posts, I realized that cash flow is not that easy if i want to buy single family house. For few people, amount of mortgage and rent they get is the same. Considering economic growth, it is ok to take this hit for now and cash flow will begin to generate after 2 - 3 years? Is this type of thinking ok?

2. Since this is going to be the first property, and it being in Austin make me little nervous. Is this a advisable? how can I find a property management company in the area that  has good track record?

3. What areas in Austin I should be looking at for single family houses?

4. I want to start with above questions for now. But please let me know if I should be thinking differently. If I should be considering other areas / states?

Thank you.