In the meantime I would love to have some helpful information or ideas to share with the buyers when we meet and ideally an agreement/contract we could fill out together once new terms are agreed to and then share that with the attorney so he could draft up the formal instrument for recording.If you have experience with this type of scenario, I’d love to hear any recommendations you have or any helpful resources you could point me to for the appropriate paperwork.Under foreclosure laws, you have to send appropriate notices and try to work with the borrower and offer a loan mod before foreclosure anyway. 

As you develop the park I would strongly recommend your homes be individually metered for water, sewer expense prorated and garbage paid by tenants via individual can service. 

Darrius  Local PM here - happy to help, we have multiple developments that are gearing up to sell in the next 6 months, few small multis and townhouses.

Ideally you need to throw 3-4 hours a day at it to see fruit down the road.

Look up ideal existing performing properties, your "hero's" as it were, find out who own's it, and reach out to them. 

How much cash is ideal to have on hand when starting out?

Honestly if you are doing STR I would suggest doing Austin itself rather than all the way out there in Kyle - maybe a couple of years ago when the prices were through the roof in Austin city itself this would be a good alternative but there is a blip right now where you can get a god entry point in Austin (downtown/east ideally) for STR

I deal in multiple states, and it's a nationwide thing tbh. 

I personally like to buy in towns/neighborhoods in which no new builds are possible within 10 miles because all the land is developed.

I have one and am busy developing two more.