The key items to understand are:- zoning and lot requirements, to determine how many lots you can develop at required lot size. 

Definitely a strong corridor to watch for growth in the Austin MSA.Article link here:https://www.bizjournals.com/austin/news/2021/11/02/bell-district-cedar-park-red-leaf-library.htmlAlternate free article here:https://communityimpact.com/austin/cedar-park-leander/development/2021/10/29/cedar-parks-bell-district-to-start-construction-in-2022/

You could try Steve Michelini on Bayshore Ave as that is his business if you want to cut down a tree or change the Zoning or adjust the valuation of your BRRR.

I had a house zoned for Haltom City with a Ft Worth address and paid slightly less than 2.7%

The zoning restrictions are being tweaked in the county but there are homes coming available in zoned areas commonly that you can jump on.

If you know this market, what are some red flags?

Ideally, if you're close with your contractor I would bring him along to showings to mentally tally a rough estimate of cost together (he may see red flags you don't and vice versa).

I just watched red flags BP video.

Call your city zoning office and ask them.

Hopefully it doesn’t end up like LQ where they had the same moratorium and ended up deciding to not allow any more STRs except in certain tourist commercial zones and home shares.