One way to get tax benefits while you're living there could be installing solar panels or upgrading the energy efficiency of the home. 

In hot markets like Austin, having an agent network can be a massive advantage.

Bonus is I am getting new HVAC, Furnace and hot water tank. 

It’s always interesting to hear about emerging trends or hot opportunities in the market.Looking forward to seeing your insights and contributions here.

The market is very hot right now.

It's a hot market for eyeballs because of cash flow, but a lot of new OOS investors don't know what they are getting and where and how to manage it.Thanks, Jonathan. 

I used to have one many years ago and it never got very hot.

They were the hot topic and states stepped in and started regulating them. 

My father in law lives in hot spring and we go visit him once or twice a year.

First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).