Also any tips for automating this as much as possible and how to protect the property financially and property management would be appreciated.I ALMOST understand the rental arbitrage strategy if building a company scaling with say 30 + units and looking for high short term cash flow.  

Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon. 

Now, if you listen carefully you will find that he too found some of the same things that others mentioned...no deals in Austin, prices were too high...but then he adjusted his approach and nailed it!

I HIGHLY suggest you connect with a local expert such as @Josh Green.

Typically, the initial upfront for the rehab is either cash or a high interest loan (hard money or private). 

Flippers - I'm advising clients to pass on deals where DOM are high across the board.

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

No plansNone of it was low quality.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

This translates to high rental demand and potential for appreciation.Diverse Opportunities: From bustling metropolises like Miami and Orlando to charming beach towns and vacation destinations, Florida caters to a wide range of investment strategies.