My brother lives in downtown Austin close to the famous zilker park.

Unless you are rich, famous or both.I have LLCs for my commercial assets and an s-corp for my mgt co so I am not anti-entity.I weigh the .001% chance of the 'slip and fall lawsuit' against the 100% chance of not being able to get long-term fixed rate residential financing.  

You do have to pay insurance usually equivalent to about $100 a month per $100000 you borrow according to Brandon Turner's(Famous in the BP community and on podcasts/webinars) book on investing with no and low money down.

I'm based out of the Bay Area, CA where housing demand continues to outstrip supply and prices/rents seem to escalate endlessly (famous last words I know).

I would also look at this post: https://www.biggerpockets.com/forums/48/topics/733678-famous-four-podcast-answer-summary?

Also, Eastpointe is another town that sits directly across from the famous 8 mile road and makes another great rental/ flip market.    

The property was in the New York area, the investor was all but bankrupt at the time to boot so he couldn't really buy it anyway, but still he obsessed and everyone bet against him after finally giving up on trying to stop him.That investor was Donald Trump, and that deal, the impossible sure looser deal, is what brought him from the ashes, wrote books, made him famous, and launched the multi billion brand Trump.I would say the most dangerous thing in this world is a psychic pessimist; once computers in the home was impossible and now we carry them in our pockets, history is made by those who do the impossible, even in real estate. 

I listen to every bigger pockets podcast and their first two questions of the famous four at the end of every episode asks what the speaker's favorite real estate and favorite business book are.

To answer your question Will, there is a famous comedian who had a TV special titled: "You Can't FIx Stupid" Words to live by!!!

Benjamin Franklin has a famous quoteTell me I’ll forget Teach me I’ll remember Involve me and I’ll learn. learn the process.