The biggest question you need to ask yourself is if you are doing this to afford a property you otherwise couldn’t afford or to save money period, that will lead to very different conclusions about where/if to buy. 

The Tenant Class greatly impacts rental income stability and property maintenance/damage by tenants.Both Property Classand Tenant Class affect what type of contractors, handymen and property management companies will work on a property.If you buy & renovate a property in Class D area to Class A standards, what Tenant Class will rent it?

Suck it up, buy a property.

If you could buy it, what would you do with it as an investment?   

Essentially he wanted to live in his own place but didn't have the money and I figured buying a house with him at the time was a good investment.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

And ONLY put things under contract that match your buyer’s lists buying criteria.

From my experience working with over 400 investors, consider alternative strategies like rent-by-the-room, buying an SFH with an ADU, or renting where you live while investing elsewhere.

Considering the area  I am not sure how this poster's LTRs are going, but I own 2 in the area and have helped multiple investors buy and then lease their LTRs in the Buda/Kyle area as well - all are cash flowing.

Happy to share my experience if you want to send me a PM.RyanHey Ryan, we are in the process of looking at buying a house for an STR in the beach Mountain area.