I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

Quote from @Anthony Sigala: Is there any way to get around the 1 year employment history requirement for FHA loans?

You can close in an LLC and don't need to provide employment history, income or tax returns, and DTI isn't a factor.

This can provide a better depreciation benefit than traditional STR real estate.If permanently affixed to land, it qualifies for real estate depreciation (27.5 years for residential properties).Considerations:Zoning laws and campground restrictions may impact legality.Self-employment tax risk arises if you provide substantial guest services.Vacation home rules apply if personal use exceeds 14 days or 10% of rental days, limiting deductions.Audit risk is high, so keep detailed records of participation, expenses, and rental operations.Given the potential tax benefits and complexities, consulting a real estate tax professional is advised to ensure compliance and maximize deductions.This post does not create a CPA-Client relationship.

Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

The worst PM imitation I ever had the misfortune of employing

Employment Growth Outpacing Housing SupplyBuffalo leads the nation in the ratio of new jobs to new homes permitted.

Tenants can only pay rent if they are employed at similar wages.

Verify employment and call previous landlords to avoid tenants with red flags.Rent Setting: Research comparable rentals in your neighborhood to ensure your rent is competitive.Use Technology: RentRedi is a great choice.