@Brad KanouseYou've gotten some good info so far from Arthur and Dmitriy and I wanted to add in some other things to think about as well.1.Self-Directed IRA (SDIRA): This is what @Dmitriy Fomichenko mentioned, and he's right, it could be a self-directed IRA or a solo 401k.  

I found houses that had not been well kept up.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

DealMachine and direct mail can work well, but consistency is key.

We want to get a few rentals up and running and then (if all works well) begin bringing other friends/investors in to invest with us.

Obviously, their capital gains are well beyond the $500k primary residence exemption. 

Austin's real estate market is challenging but rewarding, and you're well on your way to success.

A-rated neighborhoods will not be affordable nor cash flow well here at under 300k.

It’s inexpensive to provide but can make a big impact.Comfortable Bedding: Investing in high-quality mattresses, pillows, and linens improves the guest experience and leads to better reviews, which can boost occupancy rates.Smart TV or Streaming Services: Offering Netflix, Hulu, or similar services is a low-cost way to enhance guest entertainment and stay competitive.Fully Stocked Kitchen: A well-equipped kitchen with basic appliances and utensils appeals to families and long-term guests, saving them money on dining out.Dedicated Workspace: If your property caters to remote workers, adding a small desk and ergonomic chair can set your listing apart.Outdoor Spaces: If your property allows, an outdoor seating area, fire pit, or hot tub can significantly increase your nightly rate and attract more bookings.Energy-Efficient Features: Guests appreciate eco-friendly options like LED lighting, smart thermostats, or solar panels, especially in eco-conscious markets.Keyless Entry: A smart lock is a relatively small investment but offers convenience and security, which many guests value.If you’re deciding on amenities to add, it’s always a good idea to research your local market.

People try to say "Well it's technically a service dog, but..."