-With my current role in my career and trajectory, I will be able to make the move out of midland in 1-2 years, so I would love the ability to leave and not worry about my home sitting on the market when we are trying to buy a home in Austin.Those are some of my thoughts and I would love to understand the reasoning for/ against this.

depends on your credit if you can get a mortgage or your ability to find good deals that you use hard money for and then refinance into DSRC.  

we would have paid the 10% deposit and have had zero legal recourse to get the money back.

With your Fico and down payment, all you need to do is make sure you pass the debt to income requirements. 

With the right resources and help, you can still make it happen.There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect.

We make sure to do the work to a high degree.

Make sure to run the numbers on DSCR, CoC return, and cap rates to ensure profitability.

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision. 

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

You may not even need an Electrician, a good Handyman could do that....How much money are we talking about here?