The risk/reward would seem to mitigate in favor of at least an attorney consult. 

The best way to own is to house hack, get a 2 fam with permit and town or village oversight, yes they cost more but the rental can mitigate your expenses with the rental income.

Peeps still have to live somewhere and there is still some benefit to owning a home than renting .. it could just be over building in your area as well.. you see that a lot with condo developments the lag time to get them up is so long that by the time they come to market the market cant absorb more.Not sure in Austin other than there was from what I understand a large run up.. but I can see luxury pricing in Texas being an issue with the prop tax's that are quite a bit higher than other parts of the country but that is usually mitigated for texas residence who don't pay state income tax as there is none in Texas.. so I think texas for TExans is a great investment long term. 

I should have added Every state is different on protocol for abandon property .. that being said in *some cases* if it’s a for sure thing you gotta move forward and mitigate loss because your losing money everyday by not having a tenant in the unit and there’s a great chance that person is long gone never to return 

However, as always there are multiple ways to mitigate UBIT.The most important compliance concept to be aware of is prohibited transactions.

We will not allow animals or smoking, which will limit our tenants but also mitigate associated risks. 

As a developer you have to try and mitigate risk and give yourself high upside.

Honestly just looking for best practices when investing with partners and mitigating risk for high net worth individuals.

I am looking for advice on investing in mitigation bank land within California. 

That’s how you mitigate vacancy - by getting the right tenants in place !