What should I include in the lease if I decide to do so (things like not being liable for any illegal web activities, download limitations etc)?

You find a property that 'SEEMS' to be a bad deal and 'seems' to produce no cashflow BUT upon a little digging you find that indeed it is a great investment because the rents are below market -- hence, buying below market value.

Didn’t need the equity for a down payment of new house and it’s in a great area that could produce significant cash flow.

For instance, while it can bolster initial cash flow by reducing tax liability, it could diminish deductions in subsequent years (when the property might produce better cashflow), impacting overall tax footprint, so you need to take into account all that in the context of your short term and long term tax strategy (e.g. if you plan on selling soon, at which time the depreciation gets recovered, or not and planning to hold for a long term/forever/1031, buying more later and creating more depreciation to offset cashflow or not, etc.).The alternative is a do-it-yourself (DIY) or survey option, which costs around $400 to $500 per property (I can do my CSS report in 10min, once I have all the data needed).

And two or three financial publications then produce articles utilizing this unsubstantiated patently ridiculous claim as fact.

Whatever risk of getting demoted in the algorithm for them exists as well on the web. 

Now in-person inspections also have your back as the investor, having someone come out and check the quality of work your contractor is producing is good to know.

I was wondering if there are still some areas in the Austin Metro that can produce cash flow?

Are there lenders who will consider my past str track record when determining Debt-To-Income ratio in regards to turning my current house into an income producing property?

I personally would never buy an investment house that did not produce positive cash flow.