Whether it’s sprucing up a property with a few renovations or doing a full-scale flip, a good contractor can make all the difference.

For larger properties, there are no disclosure laws, so purchasers have to be skilled about due diligence. 

But because this is an older home that could use some renovations and the idea you may move back to Austin sooner than later, I would seriously consider keeping the home for now.  

Tough last name to have in the land of the Golden State Warriors ;-)I have a client in Kansas City, MO that has done something similar with one of his larger homes.

I would add that SFH airbnb market here is saturated BUT I believe there is still a robust market for larger homes for family gatherings and events.

One last thought is your likely going to be getting a larger depreciation write off with new acquisitions.

While they may or may not be professionally managed, Class C properties will have some deferred maintenance issues and need renovations and upgrades.

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

Are you purchasing them at full retail value after they're done or are you the one purchase the shell doing the renovation but they're just doing the leg work ?