My thought is: I find one worth the money in the $10-12k range, buy it outright, live in it (in the park) for about a year until I save enough to get another one, then rent out the first one.

What price range? 

Stick with classic neutrals to appeal to the widest range of buyers.There are situations where clients touring homes immediately pass on properties due to strong or unusual color choices.

Temple is not part of the Austin metro area, but within a long commute range for a few.

Depending on what price range you're looking in, you might be a little tight on funds.

Depends on really what you are looking for:-Speed - some HMLS can go "no appraisal" so can close very quickly and beat cash offers if you are in a competitive market to buy-Interest Rates - can range anywhere from around 8% to 13% (same with "points") but not usually as huge of a concern for flippers since the terms are so short-Leverage - depending on your risk appetite / capital - this is also a top concern for some (almost always over and above rates/fees) can see anywhere from around 80% LTC to even mid 90s LTC (including 100% of rehab budget)

@Gregory Schwartz rates are above 7% now, so not a stretch to see them staying in a 6.5% to 7% range next year.

Would the fact that our house is in the ~ $850k valuation range influence your advice? 

My total expense ratio on each property I own ranges anywhere from 40%-50% annually, but I also self-manage and am not a slumlord (I am pro-active with maintenance, not reactive).

@Allen Duan I’d say mid range.