However, I don't find the long vacancy particularly enjoyable, and I'm hoping to gain some insight and grow from the experience.Has anyone else experienced this, and what did you do to avoid it?

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Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

Every property i use it i make additional tweaks.  

I pull permits for removal of load bearing walls, addition of bathrooms or bedrooms, addition of footage.

I appreciate your insight on these forums, thanks in advance! 

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

Considering that, you are likely going to see appreciation year over year, which essentially will be additional equity you'd capture just by simply living in the home. 

If you can add a legal ADU at $25k in the Austin area then you should add it.