If the ground has rock in it that needs to be blasted that can raise costs versus regular dirt.

If he really is licensed, inform your secretary of state/licensing dept. and find out if you have recourse against his performance bond.Your best bet after that would be to then sue him for liquidated damages due to his failure to perform (Your time and trouble, the cost of the other contractor) ... bear in mind that if he doesn't have a bond, this may be like squeezing blood out of a rock... cost you more in legal fees than you can possibly hope to recover.

First I would recommend getting a lawyer to draft you up a rock solid contract for the next guy, only costs a couple hundred bucks tops. 

I have rocked the frugality principles above that you mentioned.

I'd get rigorous with tenant selection and, in a tight market, I'd loss lead with a free TV (or some such) with a longer lease -- assuming that's kosher in my state -- in an effort to keep tenants for at least two years, this reducing turnover costs.Then I'd do whatever I could to add curve appeal: power wash the exterior, add painted rocks and nice plants, etc.Is my engineer mind in fantasy land here or missing something major?

I've seen a contractor run a new main waste line for a whole house buried in the basement and leave about four 3" lines line teed in and sticking above ground and filled bags with rocks and dropped them in.

You can also list your units there and syndicate the listing to other apartment/rental sites like realtor.com.Also, not sure how new you are to renting, but the best advice I can give you is to make sure you have a rock solid lease.

I now own a small 5 agent real estate brokerage (Great Rock Realty). 

Yes, Austin is more expensive than other cities in Texas, but if you're willing to spend 200k to hold on a property then you should be able to find a solid rental in Round Rock, Leander, Cedar Park, Taylor, etc that will net you a solid return on rents and appreciation.

Here's my situation, I'm 21 years old, single, still with my parents (to save up my money to invest<-- Dad's advice [You rock]), and I have about $5000 debt between my car and credit cards.