Which area gets you interested in real estate.Then define what kind of person you are.

"Homework"; -Define financial objectives/goals that are numbers based - Gather realistic personal financial information and what you think you can afford and cross reference with goals as well as an expanded search of various markets both outside of Austin and out of state to research availability - pinpoint locations in state/out of state (Education phase)- meet with lenders, either commercial or otherwise to see what you indeed qualify for once you've narrowed down property types and locations (Education phase)  - Start interviewing PM's if you're looking outside of your current investing area and will not serve as your own PM (Education phase)- Get with an agent in your desired area and for your desired property type and start looking at deals (Shopping phase) - submit offers/LOI  armed with your information from Education phase & Shopping phase (Transaction phase)This is the breakdown that can be helpful as an outlined plan of action/phases for some of the out of state investors clients I have, but should work for you to start with in TX as well.

Any other amenities need to be in place (great schools as defined by X publication, proximity to top rated hospital, etc)?

Define them and then look at the strategies @Cody L. and fire away.

It defin depends on how much your share in those 200+ units is.

Since rentals are not a schedule C, but an IRS defined passive activity in most cases, many areas do not require a business license.

Putnam city schools are still solid but definately B class. 

Then define what falls under each title. 

Define what is highest and best use?

Could you define what you mean by appreciation?