Most come out ahead over an extended period of time by buying better quality assets where they perhaps have to leave some capital in the property but find themselves able to sell for real gains or refinance out appreciated equity and scale more effectively that way. 

Alternatively, umbrella insurance may offer cost-effective protection.

But if your looking to cash flow like $500 or more per month you might want to look into more cost effective markets where you can purchase a property very cheap and the rents will give you that type of cash flow your looking for.

Any tips on targeted marketing, effective lead generation, or even some "outside-the-box" tactics?

Start small, network with other investors, and use tools like BiggerPockets calculators to analyze deals effectively.

Once you have the number of homes you want, you pour your cash flow and extra income into the smallest mortgage until it is paid off, then you move to the next and create a snowball effect.

Also, check to see if your jurisdiction is practicing "Just Cause Eviction", which went into effect statewide earlier this year for municipalities that which to opt in. 

I am a strong advocate for their effectiveness allowing you to do substantially more with your money. 

The Austin metro market is approaching that territory.Here are the full stats for Austin and the greater metro:On the rental front, a recent Redfin report placed Austin atop the list for the largest year-over-year decline in median rents among US metros:Appropriate rental pricing and high-quality marketing are vital to navigating the current leasing market effectively.

All these will effect long term appreciation and rents.