Our goal now is to take our learning materials and tools to continue our search for knowledge and gain experience working with mentors and other like minded individuals in the industry.

Scenario 2- Continue renting for the next few years and save more money....hoping for a price adjustment in the market buy a 3 bedroom, live there, and still purchase rental property after 2 years keeping the 3 bedroom and either staying out or renting out that as well.  

I am just starting out, but I my hubby and I did really well on our first fixer upper, and want to continue the wave here pretty soon.

or continuing to attempt to find deals? 

If you plan to continue renting the same house and rent out the investment property you are purchasing, then yes.

Buying another cash flowing property and being able to continue to increase your assets and also increase your monthly income from your rentals.  

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

Continually learning! 

I can continue saving cash and wait for a deal or a reduction in pricing.

Once you have the conversation started, follow your Landlords lead with what he says to continue the conversation.I would suggest presenting him with a few offers to give him options between 3 or more offers rather than the option to say yes or no.