Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

My son (age 24) however, is an independant contractor / self employed and is trying to buy a house. 

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

Make sure to call the employers.

When parents employ their minor child, the child is exempt from Social Security and Medicare (aka FICA) - if under 18.

We will both keep our W2 employment for the near future just looking into getting an extra income or make our retirement easier.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

I’ve been researching options like offering fully furnished rentals for traveling professionals or executives, especially with major employers expanding their footprints in the region.

The biggest employer shut down about a year ago and 3  hurricanes (2 major) hit directly in the last year.

Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!