You won't find anything close to the Austin market with that budget. 

Step 2- close and start rehab-- would need to pay holding cost during rehab?

Congratulations on closing the deal.  

The replacement cost (cost to rebuild, not the value of the property) data providers are pegging the quadplex at close to $2M and most 1-4 unit rental property insurance programs tap out at $1-1.5M before you'd end up in a commercial insurance product.

If you can find one its Millions of dollars since those types of spaces ar3e close to beaches here. 

The close date comes and passes without notice despite me reaching out. 

.$8,000 would likely go away in closing costs.

I was going to put down 5% (about $40,000) at closing.

Many don’t track this statistic as closely as they should which is why many lenders go under.

Review Anchor Loans, they have closed many investors I've worked with.