My wife and I are hoping to buy another single family home that is bigger sometime in the next year for our new family and potentially rent out our current home to tenants.

There are very few, good buying opportunities in the Austin metro-plex for pure investors.  

I work in Potomac, MD, and would like to buy a condo or apt that I can easily commute and live in, and then eventually rent out, and then buy another. 

Maybe you could extend the closings with some additional earnest money (even if you release it) and buy the time so you can simply do a regular 1031 exchange.  

Can you buy a house and be within reason of what your current rent? 

They are coming to your property if you allow them or not (you cannot forbid service animals) Consider the facts: https://www.dogster.com/statistics/pet-travel-statistics-tre....Top 12 Pet Travel Statistics78% of American pet owners travel with their pets each year.54% of cat and dog owners plan to travel with their pet.58% of people would prefer to travel with their pet over a friend or family member.52% of travelers base their travel plans on accommodating pets.About 75% of luxury, mid-scale, and economy hotels allow pets.In 2019, a total of 404,556 animals were transported by airline.Nearly 64% of travelers prefer to travel with pets by car.42.9% of people look for a destination with hiking and fresh air for pet travel.Dogs make up 58% of the pets traveling around the world.37% of owners take shorter vacations because of their pets.10% of travelers have hidden their dogs to travel.27% of dog owners go the extra mile for their pets.

These days I can't buy a lot for $40-50k.

Buying RE is nothing like buying index funds or stocks - Google it for 15 minutes, click on buy shares.

Even better if you buy 2-4 units, live in one and rent the rest - then repeat every 12 months.

@Shannon Leckinger what would be your goal with the STR that you want to buy?