If your local law allows it, see what everyone else is doing and go by the norm. 3 months rent is a substantial amount for some, but really helps ensure the financial quality of a tenant.Sometimes I have immigrants who apply who work their tails off and can't afford the 3 months up front.

Here are a few tips to help you out as you start your journey:1.

Would love to hear from the community on tips to get started and best locations to find my first property.

That is absolutely nuts...We had Zillow and they kept upcharging and the lead quality went down.

For recent purchases: less than 3 years, you probably have to grow with them and think about how can you maximize returns: maybe ADUs, or Coin-laundry or e-pay, renting space on the property for storage, air b and b or mid term rentals, splitting the lots, Tic sales etc... or value add to increase appreciation faster!! 

Sure it works to get your money out, but when you when try to rent the property out, you are sitting with vacancies, low quality applications, and if you try to sell you can't nearly get what the home appraised for. 

Has anyone had any experience with these types of properties and have any tips, stories, advice about this niche.  

Just wanted to ask if any investors in the Austin/Cedar Park area with experience in rehabbing with today’s constructions costs had any general tips on estimating rehab costs for a property? 

@Renee CossRecommend 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 Class A property in Class D area, what quality of tenant will you get?

Therefore even if you invest in the markets with favorable landlord tenant laws, you are still more inclined to deal with tenant headaches because of the quality of the tenant and lack of professionalism of the landlord.