But this requirement can be waived if you're within a certain distance of a major public transit line.

I'm a CRE Broker and have clients who want to transition from hotels (since Houston is still absorbing new hotel supply) and into other projects.

One of the reasons I transitioned away from SFH investing in Memphis was I got tired of managing contractors.

A lot of transitioning folks in the area need places to stay. 

If you cater to transitioning military families year round is definitely possible.  

We do this... well, we do it 3-4 times a year to various international locations (This year we spent part of May in France, Thanksgiving in Italy, etc.)The transit for these trips cost me less than it would for me to drive from Atlanta to any beach.We are doing this with credit card points made off the business credit card account.

I also am really interested in transit neighborhoods (although in C neighborhoods) and have run into a lot of competition. 

Is it to transition into real estate full time?

You'll be able to use projected rental income to qualify and having separate units should make for an easy transition out if you decide to move after a year.

Do you see a mixture of prices in the area that would indicate there is a transition beginning?