It’s a solid way to build wealth over time.Good luck!

I sometimes think about investing there given my affinity with the location...but realistically it just makes more sense to put my money in rentals in Indianapolis where I invest currently and the returns are still solid.

They either don't understand your laws or they don't have good policies in place.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Truthfully, I am not that big on coaching programs BUT, I can understand the benefits of having someone in your corner teaching and coaching you on the ins and outs of real estate investing every week. 

A skilled property manager understands tenant segments and their behaviors, which helps attract reliable renters.

I'd have to see your overall layouts but I think you are on the right track. we build 3 story stacked triplexes and it's very efficient so don't be afraid to go up either. anytime you build more than 1 structure costs are much higher but if its just to offset mortgage and you want to be separate then I understand. 

I would say Dallas is a solid place to start right now.4) Once I've lived in the property for the obligatory year, is that typically long enough to refinance and use HELOC towards my next property? 

Good occupancy and solid CAP rate.

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.