My new strategy is to acquire a buy-and-hold SFH to rent out in Indy with these purchase filters:$50 -150K range Young professional neighborhoodTurnkey or only requires minor/cosmetic repairsMeets the 100:1 ruleBuilt after ~1980 (to minimize repair costs and appreciate into the future)I have $50K to available for this endeavor. 

On average, the rent would range from $1400 to $1800 for a 2 bedroom and 1 bathroom unit in an okay condition house. 

I am preapproved for up to $1MM, but looking to keep it in the 750-800 range for affordability.Any recommendations for trusted partners with a little patience would be appreciated.

My wife and I have made preliminary plans in 8 months (8 months because we will have a sufficient "nest egg" saved up) to make the jump from a W-2 income to 1099.

@Alexia Hogan, do you really want a second job, that only pays "commission" if and when you put sufficient time and resources (including money) into it? 

It is incredibly easy to get started investing in real estate - when you have a w-2 income ....You can build sufficient investment income to quit your 9-5 job within about 5years - if you have the w-2 income to acquire the investments with financing...Unless you are cashing out a 401k to buy real estate (which I highly recommend) go back to your oil and gas job and use that income to buy your investments.Good luck and happy investing,Jeff

My first questions to get answered are always:-  Do they have an existing mortgage or do they own the home free and clear (if a mortgage is present, do they need to pay it off for the deal to work)- Do they need the cash or do they want a prolonged income streamAnswers to those questions can help understand some of the key seller motivations.A typical seller financing structure would have a down-payment that would range from $10-$20K up to 10%-20%.Interest rates typically range 1-4pts over residential real estate mortgage interest ratesIf the seller wants long term cash-flow, the term can be 10yr-30yr.   

These are the ones that are usually below the window, kind of like the ones you see in lower to mid range hotel rooms.

Looking to purchase an investment home (importantly with relatively new construction) in central Austin and single family homes are generally out of my price range. 

This includes property type ( residential vs commercial), size ( range of units), location, age, price range (if applicable.)