Once you do this conversion you can't change it back to a traditional long-term rental. 

This is not a great return, but not terrible.As others noted, there are other risks, like having the property insured at full replacement or purchase price, or if the option is 100% seller financing with no money down or very little, versus 20% traditional down payment, this can start to move it into a better investment.

It will be very difficult to cash flow in Austin using traditional LTR methods unless you put down a huge down payment.

What I have seen in the research is to find a property you are interested in and compare to other comps in the same neighborhood.

With some more math, you’ll see that the extra amount in dollars is not that much compared to the total amount of interest paid.

I have the credit, experience and the knowledge on how to underwrite the deal to show their ROI in this arrangement vs a traditional sale. 

Quote from @Matt Wan: Can I purchase a property using a traditional mortgage without being physically present for any part of the process?

That level of diligence isn't possible with human effort or even traditional data processing techniques.I would like to expand to investors in the future but this technology is very new. got it also commerical Brokers I suspect would be a target for you.. 

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

The challenge, as you’ve discovered, is that traditional HELOC lenders typically want the property titled in a personal name rather than an LLC.