Also, your total returns go down without any leverage because you lose the multiplier effect of appreciation.Now, to answer your question.

And that would also hold a vengeance effect because holly cow that happening to a sponsor, wowzers.

This will effect your ability to obtain financing for quite a few years but may be worth considering.  

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.  

Most come out ahead over an extended period of time by buying better quality assets where they perhaps have to leave some capital in the property but find themselves able to sell for real gains or refinance out appreciated equity and scale more effectively that way. 

Most alternative investments work just like pretty much all RE niches work when deployed effectively.   

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?

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

This alone was most effective.