I plan to re-kindle this relationship and work on deals for free for him as I know he has a lot of capital from a very successful exit earlier in his career.During this time without a strict job I also want to travel to different cities (funded mostly by credit card points and crashing on friends/family couches).

Not only that, but you'll have access to all the online tools to run comps and historical reports which will help your investing immensely.

Austin is still growing rapidly as are property values.Also, historically values rise, plain and simple.

In doing so there are virtually unlimited ways to structure the relationship between the passive investor and the sponsor.  

After I visited the property I asked for and received historical income and expense data from the seller. 

@Kevin Martin And once you establish a good relationship with a quiet title attorney you can usually pick up the phone and call them and tell them to give 5 minutes worth of input on the property and they will tell you for free..

I am back in Southern California and looking to get caught up, network and establish old working relationships. 

It will give your tenant some peace of mind at the beginning of a (hopefully) long business relationship with you. 

My marketing is going towards stable neighborhoods and I am solidifying my relationships now with my private and hard money lenders now so I have a solid backing.

@Rohit Aggarwal You dont have a relationship or a track record with any contractors .