I realize that is an expensive proposition here in Puget Sound, so I'm gravitating towards starting with flipping lower end properties in Snohomish and Pierce Counties while keeping eye out for buy and hold opportunities. 

See this map for zoning profiles of any Austin address: http://www.austintexas.gov/GIS/ZoningProfile/Rezoning is quite an expensive, lengthy and costly proposition in the city of Austin,  including 3 public hearings at the Austin City Council zoning commission at the City Hall.

Both are negotiable.That said, having the renter be responsible to take care of leaks is a risky proposition.

I doubt your HML would go along with such a proposition either.

These folks have done a ton of deals and to me, is a less risky proposition than learning on the fly at the school of hard knocks.  

I think if finding a no money down deal is your starting objective its going to be a very difficult proposition. 

Once I do that it would be a very interesting proposition.

But if you are doing a value proposition to the market that is not targeted by the newer complexes (~$600-700) this could be an amazing deal.  

My monthly cost are below.Mortgage - $640, HOA - $334.50, Prop. mgmt - $95, Taxes & Ins - $105Clearly a losing proposition, not to mention finders fees of 75% of first months rent, and any maintenance costs or assessments.On to my question.  

Doing business with family is a dangerous proposition.