I would not eliminate OKÇ based on tornadoes, that is why you carry insurance.It will very difficult to find something in Austin that fits your budget.  

I've been a licensed agent here in Maine at the Augusta-based Pouliot Real Estate for the last 2 years, but began my real estate career in Savannah, Georgia (my GA license is currently inactive).

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

It has been best to anticipate wildly different ARVs based on not only the property details, but also the quality of the finishes that are used.

“A new Michigan law bans many landlords from rejecting tenants based on source of income, like housing vouchers, veterans’ benefits or Social Security.Gov.

Please no politics here, just looking for guidance on what may happen based on your insights so I can manage my bsusiness. 

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project. 

We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.