But the chance of a wipe out like those that are coming in as equity basically in a junior position is mitigated..

But let's say 100% principal paydown of the same $50,000. 

I am somewhat new to Bigger Pockets, but not new to real estate investing. 

I owned real estate before but lost it all in the GFC. 

I have seen individuals take a lien in the secondary position to decrease that downpayment, but you would most likely need to use a good lender who would be comfortable with and allow a secondary.   

Just to clarify your water usage hasn't likely gone up 20%, but rather the amount tracked amount they are billing you for. 

I am comfortable putting about 15% percent down for the properties I'm looking at and "can" put down 20% but will need to be stretched pretty thin.

I'm looking at a duplex to BRRRR if possible, but I'm not sure of the area myself.

But if costs are high or demand is uncertain, holding onto the land while monitoring the market might be the better play.

I live in DFW now but grew up in Abilene and do a lot of business there.