There're some alternative planning approaches, but they are always case-by-case.  

What worked for him.. and could work for you.. is taking a calculated approach by "house hacking."

The only approach I’ve found effective is offering a deposit alternative, which lowers upfront costs for tenants without devaluing your property.

Also, when it comes to enforcing the lease, use a simpler approach.

I want this to become a rental property and would like to begin investing in real estate, I am not sure best approach.

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 had a very pleasant phone conversation with Bob (SVP of Praxis) a few days ago and his knowledge and approach was aligned with how I operate.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Does this approach make sense as a first step for us?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.