Absolutely read the EFL's and see how it compares to your prior usage, which you can see by using the smartmetertexas site if the property has a smart meter. 

Make sure you have cash reserves aside from the HELOC, buy smart, make sure your numbers fit your criteria for CASHFLOW, and make sure you clear your lines ASAP if you do the interest only option.  

As property is quite expensive here (and i dont have the best credit in Australia) would it be a smart move to buy a property in the Houston area this year?

It's not about being careful, it's about being smart.

I am aware that I am not in possession of infinite capital yet those with smart minds find create ways to make deals happen.

SMART tv in the living rooms, basic cable in the bedrooms, gas or charcoal grill, indoor and outdoor manly type of entertainment (poker table, darts, fire pit, horse shoes), and lots and lots of artwork that I can not post a picture of on here without the post being removed.

I like the Tax Liens, Tax Deeds, Overages and the Student Housing sections of the Smart Real Estate Coach Podcast and I'll advice you to listen to it if you are interested.

It will do 2 things.  1 some very smart people on this post can advise you once they can diagnose the problem. 2 it would be a good lesson for other investors.  

I am just starting out and have heard from a few people that it would be smart to get your real estate agents license so you can learn the area and the laws more in-depth when starting as well as possibly make some money on commissions or save yourself some money when buying.My question is, what vehicle or institution do you guys recommend getting the 63 hours of approved pre-licensing instruction?

@Troy Kostick, good on you for getting clear and making smart choices early in your life.Nothing will convince our wife like a growing check book.