If you find a good PM they can help you find, buy, and rent a property.  

Suppose you buy a $700,000 three-flat in Avondale with a $5,000/month mortgage and rent out two units for $1,500 each.

I'm curious as well how likely someone would want to buy the furniture with the house as well. 

In answer to your question- Yes, I hope to buy and hold here and flip when possible.

I’m weighing two options for our housing situation and would greatly appreciate your advice, given the complexities involved.1.Renovate and Buy Another Property•Invest to renovate our current home adding a bedroom to the house given our family outgrew the house.

I am interested in buying a long-term turnkey property in a nice area (I live in San Diego so this property would have to be out of state).

Sorry, I'm not buying this story.From make-ready's.

Have proof on hand (easy enough to find) online of the missed tax payments and any documentation that supports that he specifically didn't pay his taxes.Probably a simply mistake on his part, but now if he wants to develop on it, he either has to land lease it from you or buy it back.I'm not sure how the whole tax deed thing works, so that would be something you have to figure out between the two of you.

If prices in Georgetown come down low enough, 100% I'm scheduling a trip and were getting on-the-buy.

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?