A gift tax return will most likely need to be filed.

He is very good about deductions on tax returns so his income looks negligible and of course banks wont talk to him about loans.

You need to understand how to drive the Net Operating Income to produce a good solid return. 

I always recommend to make even a little passive income from a rental after all your expenses, lets be honest you put a lot of effort into this rehab so you should reap a little return.

Target neighborhoods like Brewerytown, Kensington, and Point Breeze, where demand and ARV potential are currently strong.Your skills in renovations will give you a significant edge in controlling costs and boosting returns.

It'll be easier to start with a turn-key property, but if you have a good contracting team, a value add will typically offer better returns. 

If the deal is good enough their may be enough returns to pay investors as well as yourself.

Given many are returning to offices, would Austin still be a good market to invest and own?  

Is that factored into your returns?

@Helena Goyvaerts it will be tough without 2+ years of USA tax returns showing you are profitable.Higher interest rates have negatively affected most lenders and many of them are getting more aggressive with offering more flexible programs.