This combined with my new boss giving me additional responsibilities (how dare he...) and the support of my wife prompted me to take the plunge. 

Here are a few additional ideas that have worked for me and others in competitive markets like Austin:Off-Market Leads from Contractors: I had a friend who rehabbed a house in North Austin last year.

Recently completed a cash-out refi and want to take that money and buy 2 additional properties (~$200k or less each). 

Make sure to have a security deposit that takes into account the additional risk.

Interest only loans allows them to get a goal profit of $500-$600 per month per property.3) Each acquisition would require 20-25% down at an 80-100K purchase price. 4) Closing costs, and the Eric Spofford turn-key transaction fee of 10K would be in addition to the down payment and were not included for the purposes of calculating the cash-on-cash return.

They can also look into local workforce development programs that might help them find new employment quickly.

Please let me know who you have worked with and why you like them (How many properties do they manage for you, how long have you worked with them, what you like about them etc.)When the unit is vacant, do they cover the cost for professional photography to rent it out again, or is that an additional fee? 

In addition, the PM is running a business and insurance (GL and WC) costs money. 

the only way i'd encourage you to invest in one of them though is if you're actually going to put time and effort into visiting and building a team and employing some kind of strategy. 

I will investigate TCS to see if I can add it to my funding arsenal.