We are having a baby, (and I’m a pediatrician) and know all to well, the dangers of exposing an infant to lead containing dust.

Are they doing everything they can to expose properties to the widest possible market?

Living in a market like Austin I think exposes you even more. 

It will expose you to numerous ideas about money and real estate and you can begin to narrow down what kind of investor you are wanting to be and which strategy you want to take.

Are they doing everything they can to expose properties to the widest possible market?

In our area we use natural gas, propane, wood, or pellet stoves and they are all cheaper than electricity.I would figure out what you pay per year to heat with oil then compare that to what it would be with electricity.

What if a tenant's child gets exposed to lead paint dust before you create the LLC?  

But if I were you, before I make any of those decisions (active or passive investing ) or what industry & niche, I'd expose myself to a lot of different viewpoints. 

Asbestos can cause health problems if it is inhaled, so if you have any exposed pipes that are insulated with asbestos you should replace the insulation, however it is unlikely even that would cause a health problem.

Put NOI in the numerator and divide by Annual Debt Service, must be greater than 1.25x.Costs for repairs really depend on how much asbestos you have (you might not have any) and cost to replace K&T wiring (depends if the wiring is accessible from a drop ceiling, in an exposed basement, open attic, or behind plaster walls that will require some cutting and patching.