You might want to get XX profit but if interest rates rise then people can start affording less for the house.

It just sucks to pay 3% buyers agent commission for an antiquated and an inflated commission model, and the 6% when two agents are involved is ridiculous, 6% of the price of the house can be 20-30% of the equity. 

Ideally a house that I will rise my family in.

In addition, you could add small canopy's to the top of the windows for aesthetics and also as a sun block.Through both you will get alignment of the windows, some vegetation or color from the flower beds, and added aesthetics for a relatively cost efficient price.I agree with @Gilbert that earth tones might work really well with this very low rise complex particularly since you're wanting to avoid installing grass.

The nice thing about CA property taxes is that everyone is treated the same except for the homeowners exemption that is only worth $70-100 anyway.Texas property taxes are gone when you spend them and probably will keep rising. 

IMO, they result from the HOA management establishing reserves that are insufficient (underestimated replacement cost or inflation not accounted for), or the reserves fail to even consider that certain HOA responsibilities will need replacing, or no reserves whatsoever.

What would you advise inexperienced investors starting out in a somewhat similar "hot" and potentially over-inflated market for how to safeguard themselves for when times aren't so rosy? 

Rents around downtown and midtown are on the rise because of the new arena  and gentrification.

Worse yet, the house doesn't appraise for your inflated PFA price and they sue your butt and get 3x the option money paid to you in restitution.Ignorance is not an excuse in court.  

We also have to keep in mind that rents also rise, and how you rent the property could affect your true DTI (i.e. house hacking or AirBNB may get you more rent for example).