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.  

I never had that come into effect on my single family home purchases since I never wanted to personally be on the hook for such a high mortgage, but I think it might come into play for an MFH. 

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.

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. 

They're often high quality and cost-effective.

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.

You should also be well versed in the local vacancy rates and how they effect your unit and turnover times. 

Not too shabby for land appreciation.That said, I’d keep an eye on the Elon Effect down southeast.

Strong jobs reports had a larger effect on the 10 year treasury, followed by strong retail sales numbers, followed by EU inflation numbers, then followed by election results but honestly election results only affected rates for a couple of days.Lots of pressure on treasuries from the level of debt the US is carrying, but remember the Fed is also still doing quantitative tightening (while cutting rates) which is additional upward pressure on rates.