We represent several developers in Cedar Park, they all developed for owner user + rentals, but I'd say the main thing from a legal perspective is ensuring good GC and sub agreements.

What are the best practices for quickly securing reliable tenants and ensuring positive cash flow, especially for someone new to this?

May be expensive but they are dedicated to private lender law, securities law and creditors' rights.

Long term security. 

Note: This all pertains to the 2022 tax year and I still have a W-2 job which is the main source of my income.Given I've only owned a rental for one year (also my first home ever) and I'm very new to rental-related taxes, I of course hired a "good" tax advisor/CPA to help ensure I stay out of trouble with the IRS.

What strategies or flood mitigation measures worked best for you to ensure long-term profitability?

I negotiated the FSBO and was able to even secure a commission.

The custodian is who applied to my rental and also the one that came to view the property to ensure it is ok for the tenant.

By securing favorable terms upfront, I aim to maximize my ROI when selling within a 3-5 year window.I believe that connecting with like-minded investors is key to continued growth and success in this industry.

Tell them if they don't, you will take it out of their security deposit and they will have to replenish their deposit.