I haven't used REI Blackbook myself, but sounds good enough to me @Ryan Garrison

I figured it wouldn’t be until down the road I intend to try and rent to mostly section 8 but I intend to manage myself till I feel the money is good enough I can put my time in other things

For $125k - $150K you can buy two properties with $300/month positive cash flow each, making $600/month on the same money, have them managed as LTR and no hope required about market movements.If we are all here on BP are correct and interest rates will come down in the next 18-24 months, you could refi those two properties and increase cash flow even further.I even have a way to get you up to three properties for the down payment you are willing to make if you are willing to reduce cash flow a little (still remaining positive)In my opinion the ratio of rent to purchase price is not good enough in Austin to make it work, even as MTR and with 95% occupancy

FTL needs housing soso desperately that I can't see appraisal being a problem where the numbers won't make sense if you got the land at a good enough price.

The 30 year fixed rate loan would be a better fit for this purpose.You might be able to think of some other scenarios but hopefully this concept is good enough to know the difference between the two.

If its good enough for the lenders than it should be for you as well.

Usually tops out at 75% LTV but If got good enough deal you get what you put in back out, have a set monthly fee (plus escrowed takes care of things) and cash on hand. 

If we can get good enough deals on each acquisition, the bank should cover most/all of each purchase, correct?

However if you have a good enough deal you can raise private money for the down payment and pay simple interest or bring them in as a partner on the deal if they provide the $$ you need to get the deal done. 

Some people need 20 or 30k/month off their RE, but 10k/month net for me was good enough.