I would not eliminate OKÇ based on tornadoes, that is why you carry insurance.It will very difficult to find something in Austin that fits your budget.  

The reason I ask is that knowing the fast movers of the area may help you choose your project.Lastly, what kind of renovation budget have you established, and is it an upfront budget, or will you be contributing to it over the time that you live in the property and renovate it? 

Are there any specific clauses I should include in a room-by-room lease for a shared living space?

Hi Tio, I don't think hiring a professional designer is wise as it will cut into your margins and sounds like you have a tight budget. 

Our downpayment budget is probably $60-$100k.Questions:1.

Some people are able to save money and budget and others are not really good at it.

I’ve isolated these three markets as they’re all within driving distance from my home and seem to fit my budget of $100K-$200K for purchase price.

Ideally, I would like to use the buy and hold strategy, with a 50k budget to get started.  

I would try to buy properties starting at a specific date so not large ticket items come up.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out.