Evaluating different options from that standpoint will allow you to best determine what will truly move the needle in terms of your wealth building. 

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

At least you have the option of saying yes or no before it is sold. 

Offer aid and housing options if you're able -- don't try to profit. 

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.

The original post leaves the door open for a challenge by the IRS, so the safe harbor of holding it for investment for two full years is the safer option.  

What’s your vision for your next property - do you see yourself leaning towards value-add projects, or are you focusing more on turnkey options?

If that's what you're really after I would start with the basics of what kind of bank loans either residential or commercial are available to you - not saying this is the best option, but it's a good place to start.

I’m not sure a bank would be your best option but it can’t hurt to try.

All things being equal, a simpler option would be to terminate the lease with a penalty of one month's rent, agreed to in writing.