Historically it was used as an office for the previous building owner. 

I'm in the early stages of considering a venture into the short-term rental business in Austin.

Quote from @Arun Maheshwari: Hi,Does the bank owned foreclosure property allows to put Inspection contingency for big issues like plumbing, eletricity etc.ThanksIf it is bank owned and the foreclosure has taken place - possibly but they would make you responsible to turn on power and water and turn it back off.

In addition, the David Karesh scandal of the 1990's put a bad stain on the city's reputation even though the cult was based 30 minutes outside of Waco in the countryside.

That sounds pretty normal for the area.

@Maegan Quaife, Of the 4 prongs of the Internal Rate of return 2 of them are very high for you - cash flow and amortization of the loan. 

Im currently in the process of building the team and I'm getting ready to make several trips to the area.

What’s the name of it?  

When investing in real estate, having multiple exit strategies is key.For a single investment property, make sure the numbers work for both scenarios: 1️) If you decide to sell the home, the deal should produce a solid return. 2️) If you need to rent it out, the rental income should cover expenses and provide a profit.Flexibility is what saves you when things don’t turn out as planned.

Yes you can but it depends on the lender some lenders do not allow due to overlays and in house restrictions.