Buying at the mortgage balance (~$150K) positions is under the fair market value and can trigger gift tax rules.

My friend has 3 rental properties there alone and when I asked him about buying more he said if he did buy it would be there.

Actually considering if there is a play to build or buy an app.

One thing that may work is doing a Subject to Existing Financing deal where you will buy the property from someone but not payoff their loan.

Is it possible to avoid taxes on the gains if I buy another property for $564k ($900k - $336k) and make capital investments of $336k?

That way there's a chance it will go on their radar.

buy 1 rental. 

@Tyler Ashworth Did you ever buy any investment properties in Abilene?  

Buy something in a place where you will like to vacation in and hire out the management.

There’s a lot of potential there, especially with its population growth and strong rental demand.Since you’re focusing on single family homes and aiming for long-term cash flow, it’s smart to start by clarifying your strategy (fix to rent, buy & hold, BRRRR) to guide your decisions.