The risk in that one is I had to use only 5 yr recourse debt, which I do not like doing right now, but the reward warranted the risk for me.  

I think I would find it very rewarding.

I suggest you build up your cash reserves to be two months ahead on the mortgage, be cool with the tenants, they will reward you for it.

i.e. area's, number of bedrooms etc.Estate agents wont be too forthcoming with introduction fees but an off market source of property should be able to reward you.

Part of the reason for this is it is expensive to have a couple architects on site for a few hours just to take measurements, and part of it has to do with us being able to rely on the expertise of the other trades.

I'm not sure that there's an easy way to scale an owner financing business anymore just based on the legal landscape.This isn't my area of expertise, so I could be wrong, but I'd do some research there to start...

If I am the one who is going to have to put in the time, effort, and potentially capital to raise rents or reduce operating costs, I'm not going to reward the Vendor for my efforts to improve the business.The long and short is: Base your offer on the current (and recent past) performance of the business and do not be tempted to pay more because there is untapped potential (higher rents, lower costs, etc).  

But in the end, it pays off, and allows you to be a part of a neighborhood's renaissance, which is rewarding both financially, and personally.

@Poem Turner is active in Austin and has plenty of expertise.

It will make our time together more rewarding for us both.