HI Jewell,If you were to use FHA again, this could trigger the FHA 100 mile rule + 1.75% upfront fee, however with a few exemptions Indeed FHA allows you to put 3.5% down payment to invest in 1-4 units.

if you buy a random property 3000 miles away and have to hire out everything and overpay for everything you won't.

For instance, FHA guidelines are very strict and restrictive when it comes to using departing-residence rental income to qualify for a new FHA loan (such as the 100-mile rule).

Our initial appraisal compared the property to single-family homes within a 3-mile radius, which seems inaccurate given the current use.

We have 10 properties in total on our 'resume.'  5 SFRs that were bought, remodeled, and sold.  4 30+ unit buildings with heavy capex (north of 300K) and a completed ground up construction of the exact unit I am trying to get financing on now.  

I bought my first property in North Jersey at the peak of the 2006 market - came to the closing with no money and walked away with $10,000, still own the home to this day - and it's still possible do near this today - so, it can be done with $50K or less (doesn't mean you should do it that way...) 

To clarify I’ve been looking at the south/north austin area.

I own and co-host MTR rentals in north Dallas, Texas.I would also add time before an MTR move-in for any fixes.

Things that have stood out so far in my research: 1-Close proximity to Metro North (90 minute ride to NYC)2-Vassar Medical Center3-Marist & Vassar Colleges 4- The Walkway over the Hudson5-Restaurants/Cafes/Hotels, etc.Thanks for your time.

When the current shifts in your favor, you will be miles ahead of those sitting on the shore waiting.