Biggerpockets is pretty widely accepted as the best real estate community and best real estate education hub on the internet.My recommendation is spend the next few months reading posts and blogs here on the forums.

If you are buying a very old place then you should go into it with eyes wide open. 

The upstairs (which is finished) is a big, wide open space that is very modern.

I would recommend that you use a company with a lot of experience and that does a wide range of properties.

They use a wide array of formula’s to qualify a borrower, including:Your credit score (showing how well you manage credit)Your debt to income ratio - showing how much free cash you have to live on (and thus how much money you have to pay their loan back).  

I also looked on Zillow Rents and rents were all over the place but it helps with getting a wide ballpark range of what you could get for a property in similar condition. 

How this breaks out and what you can potentially earn is widely varied.

That's a wide net @Michelle Francois but happy to help in regards to the Austin area.  

Hard money lenders will accept other assets as collateral, such as a car or stock portfolio.Above all else, if you plan on repairing a property before renting it out, hard money loans will help you pay for the cost.Investors that expect to generate a relatively wide profit margin might find these benefits worthwhile, even if the interest rates on hard money loans are higher than with other types of funds.Good Luck!

I don't mean to sound harsh but it is widely thought that we are at a top of a market here in the Front Range.