Personal Factors: Consider your skills (renovation vs. property management), availability of capital, and risk tolerance when choosing a strategy.In today's market, both strategies can be viable depending on your goals and circumstances.

First, I'm not a lawyer and under no circumstances offer legal advice.

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Six months reserves should be more than sufficient to qualify and conservative to account for any (eventual) unforeseen circumstances. 

And they are adaptive and able to solve unforeseen problems: if a part is to big and does not fit, they will grab a tool and adjust it.Which means factory jobs are being next.

Keep your goals in sight and stay adaptable to changing circumstances.

Are there any circumstances under which you would find it advantageous to double-close when you had a cash buyer willing to buy assignment from you?

So, the stigma that Austin doesn’t allow STR investment properties, outside of special circumstances, now seems inaccurate.To be clear, this doesn’t mean that there are no rules or regulations.

Very unusual circumstances I think. 

Gaining knowledge from seasoned investors and expanding your network might lead to insightful possibilities.A reasonable starting point is to have $25k in cash, but keep in mind that there may be other charges to consider, such closing fees, property management, and unforeseen maintenance.