There are still some very good deals out there, some solid cash flowing properties....they just are not hitting that 100 months mark...more like 120. 

So correct me if I'm wrong but what does anyone have to be scared of if the following conditions apply in a meltdown1. youre locked into a 30 year conventional or 7 year commercial loan and the banks cannot re-appraise or call in full your loan as long as mortgages are being paid  per the closing docs2. your rents can take 25-35% cut and still break even on all mortages, taxes, and insurance3. you live in a populated and buzzing area where demand has always been heavy and unless a bomb dropped on it (yay insurance) you shouldn't have trouble finding renters4. downturn --> people lose jobs and homes or try to downsize and  turn to renting  (good thing). 5. have solid tenants that have older co-signers (parents, guardians)Am I missing something that the banks can still do to me even if I'm paying my debts on time?

Would those be project boards on the wall...not gypsum but a wood product?

@Albert Bui solid info!

I personally feel that it would be good for me to have a mentor or some really solid advice on what should be my first step.

Or if you want a more hands off approach look for a solid turnkey company.

Our rents are solid ($1200 for a 2 bedroom unit), so 5% typically covers the maintenance costs we run into. 

Are there any books out there that detail the thought process behind setting solid and defined goals as it relates to real estate?

Currently have a fairly solid job but probably only a 50% chance I'll want to stay in Austin more than 2-3 years.Renting currently at ~1k a month. 

Overall, I think it is a solid deal, especially if you can keep expenses below the 50% threshold.