I look forward to hearing from you.

Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

Purchase price: $425,000 Cash invested: $5,000 Helped my past client out of a difficult situation.

Is your father in law financing 100% of the purchase price?

I think it is great you obtained those lots at that excellent price and want to increase the value. 

Courtesy of the video, criteria to consider include Deal Type, Management Plan, Business Plan, Financing, Asset Class, Ownership Structure, Property Class, Location, Purchase Price, Rehab Costs, Risk Target, and ROE Targets.

Question- do I keep the heloc I have and just pay it down or do I get a heloc on the rental property to pay off current heloc and go forward with another property? 

As you're just starting out in Austin, focus on learning the local market, particularly areas with good rental demand and lower entry prices.

I use rentometer.com to do my analysis for setting rent prices. 

You can get solid cash-flowing single families in the 90-120k price range and duplexes in the 130-180k price range.