My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

In addition I am giving him freedom to explore (to a certain extent) on my dime.

In addition to a voucher, we require that the tenant be able to show income at least 1.5 time the monthly rent, as opposed to our regular tenants who must show 3.5 time monthly rent.

Employment Growth Outpacing Housing SupplyBuffalo leads the nation in the ratio of new jobs to new homes permitted.

Employers who prey on such vulnerable persons are screwed, and rightfully so. 

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

In Philadelphia the fundamentals are strong: leading industries/employers are in the Education and Medical fields which are known to be stable, proximity to NYC and DC, national airport, port city, affordability compared to mid-atlantic predecessors.

Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

Given that you're not married, that adds some additional complexity.  

Im self employed, roughly make $130k gross anually, 1099 NEC , no debt at all, 740 credit score.