There is no shortage of billboards in the world.  

It's tough to find great deals, we have a multifamily shortage right now.

There are no shortage of what I call "guru meetups" in Chicago!

Some things Houston offers that are so hard to find in any other markets:Critical mass (4 th largest city and still growing fast)Low cost of entry and housing cost 30% below other large cities  (buy a $150K house that rents for $1,500/mnth)Diverse and resilient economy and population** passed NYC for most diverse city int he nation last year, Lost >80,000 oil and gas jobs in last 2 years and still put on more jobs than we lost (highest employment rate in city's history today)   Still great TK opportunity here, I work with them everyday ;-)Houston (and TX) are creating jobs as fast or faster than any other area, this is drawing people to the area, they need housing, there is a shortage of available, affordable,  quality housing.

There is an opportunity for long term as there is a housing shortage up there.

THE HESITANCYNew, big, high end multi-unit development being built about 2 miles away due to housing shortage.  

There is a labor shortage for new construction.

Properties near where I work are extremely expensive and there seems to be a shortage of them.Any advice?

I think house shortage makes a NJ a good spot for investment- though not sure if price points make it a good ROI..Pros in NJ and DE area - can you please provide your perspective on ROI in the two markets and where should I start exploring.

Don't know about Texas, but most states require some type of licensing to do so, and rightly so.As to purchasing a short sale property, you will be much better off finding an experienced short agent and negotiator, and let them do it.