There are many ways to buy cheap elsewhere but still lose your shirt. 

There are very few, good buying opportunities in the Austin metro-plex for pure investors.  

@Dennis Bragg, how did you factor improvements and market appreciation into the buy-back price?

So why would we buy the cash flow at a rate of 6%?

And it can work really well for you as long as you pay attention to the statute requirements.In order to defer all tax you are selling investment real estate and buying investment real estate of at least the same value you sold. 

Some buy to park money, others do 1031 exchanges or they simply buy them for a tax write-off. 

You mentioned buying a fixer upper with your HELOC and now are talking about a 20% down payment.

Buying an investment property at 21 shows amazing foresight and financial responsibility.

Not following this - what does your buddies property have anything to do with a property you are buying?  

Quote from @Elan Adler: It’s 2024, and you hear it all the time now: “You can’t buy turnkey, cash-flowing properties anymore.”