This week I have 2 sellers I'm meeting with. the first has a 3bd/1ba house from 1885 that needs EVERYTHING. he put in new walls. it needs floors raised, a kitchen, 2 ba, lights, etc. repairs were estimated at 49k by my contractor.

Twenty five years old with a crap job, next to no savings, but lights in his eyes about the possibilities of real estate new. 

Does anyone have real experience owning and operating multi-family rentals in Brooklyn and is willing to shed some light on the market and provide some pointers on how an inexperienced investor like myself doesn't find himself at a loss? 

Some background criteria you just learned about yourself: in your late 20s, engaged but no children, both work salaried jobs in downtown Austin, handy doing light renovations, up to $150k available cash down, credit score of 800+.So the question is, what savvy strategy would you take to kick-start your investment in Austin area real estate?

They basically gave me the green light to spend whatever I wanted (so long as it was under the Jumbo line).Seems a bit fast and loose to me.

Is there a banker on this forum that can shed some light on this?  

It's an easy commute on the light rail to downtown.If you are working downtown, I wouldn't go much beyond there.

Ill be going in tomorrow night with a black light looking for problem areas.  

I have a no drinking and no smoking policy on my job site, you will be off with a warning the first time, but termination on second if within a year.

Things I have found renters care less about than I do: new cabinets, fancy light fixtures, specific types of flooring (other than no carpet), granite countertops, outside landscaping, fancy siding, heavy curb appeal in general, fancy appliances, and probably other things I can't even think of off the top of my head.