Net effect, typically, means distributions are not taxed in current year, but do lower your basis resulting in larger tax bill upon sale.Depreciation reflected in the net gain/loss from rental box on K-1.  

I ended up investing out of state in a more landlord friendly / cost effective market.First thing I'd recommend is figuring out your investing strategy (single family / small multi-family 2-4 units) and attend some local meet ups to network with other investors to learn from their mistakes.

The Austin metro market is approaching that territory.Here are the full stats for Austin and the greater metro:On the rental front, a recent Redfin report placed Austin atop the list for the largest year-over-year decline in median rents among US metros:Appropriate rental pricing and high-quality marketing are vital to navigating the current leasing market effectively.

Any tips on targeted marketing, effective lead generation, or even some "outside-the-box" tactics?

@Phillip Austin I self-manage my properties including some where I do rent by room as a primary strategy, and it is very effective if done well with good screening in place.The difference is starting with shorter leases for me. 

Start small, network with other investors, and use tools like BiggerPockets calculators to analyze deals effectively.

If you didn't pick a tool that quite obviously works because of a factor completely unrelated to the effectiveness of the product, my course can't help you, ..

Not too shabby for land appreciation.That said, I’d keep an eye on the Elon Effect down southeast.

They're often high quality and cost-effective.

I never had that come into effect on my single family home purchases since I never wanted to personally be on the hook for such a high mortgage, but I think it might come into play for an MFH.