Denice:
Actually there is a very well attended REIA Mastermind meeting held every Thursday at Big Daddies (9070 Research Blvd) @ 11:30 AM. If you're in town, I recommend you attend. It a great group of experienced investors, both friendly and saavy, who are well networked in Austin:
http://www.meetup.com/REALESTATEinvestormasterminds/
Another BP member and I recently organized an unofficial BP meet up the second Wednesday of the month at Starbucks in Randalls grocery story (3300 Bee Caves Rd) @ 10 AM. About ten of us showed up. The next meeting is Feb 12.
There are several other monthly meet ups, including:
http://www.meetup.com/Central-Texas-Real-Estate-Investors/
http://www.meetup.com/Austin-Real-Estate-Investor-Networking/
As Scott mentioned, Phil & Shenoah Groves founded RENC and several other meet ups that are well established:
http://www.meetup.com/AustinRENC/ (or) http://www.austinrenc.com/
You'll find a lot of rehab activity going on in the 78702, 04 & 57 zips. As you get close to downtown, prices shoot up and good deals on older properties become harder to find. The city is also experiencing a very high occupancy rate on rentals. Last summer, I heard one realtor mention that it was at 98%.
Depending on your goals, you may find it easier to locate better deals on properties further from downtown (north, east and south). West tends to be pricey. New construction, spec building and pop tops are the trend closer to downtown. Duplexes are in high demand. See Jon Klaus' example:
http://www.biggerpockets.com/forums/44/topics/112955-new-austin-duplex
Hope you have a great visit to Austin. It's a super town with lots happening. Let me know if you have specific investment goals and I can try to connect you with those here who may be able to assist.