I'm new to real estate, and plan on purchasing a rental property within the next year or two with the intent on buying and holding it to earn passive income.

If you invested $55k in a portfolio earning a healthy 8% compound interest, you'd get to $1M in just under 40 years. 

(Once you filed for the TDA, you will earn the 18% (1.5%/month) on the ENTIRE amount including any interest that accrued before you filed the TDA.You can bid at the tax deed auction but my understanding is that you have no advantage at the auction over anyone else who attends the auction and bids.  

As stated interest rates are practically free today so paying down any mortgage as opposed to investing in more properties to make your money actually earn it's keep is the only logical option.Do you want your money to work for you or would you rather hide it away and forget about it.  

article=gbo&section=17-303&ext=html&session=2016RS&tab=subject5Not sure if you're considering a career as an agent or just want MLS access and to save or earn some money representing yourself in transactions, but below is a how to guide from BP.https://www.biggerpockets.com/renewsblog/2015/12/04/how-to-become-a-real-estate-agent/

Disruptions abound, and there is no guarantee that today's high earning XYZ profession will even exist in 5 or 10 years.  

I'm sure there are people who have had positive experiences with USREEB or any other "turnkey" provider - all power to them - but regardless of whoever you choose, do your research on the company, the people, and the product before spending your hard-earned cash. 

We are based in Austin and with a desire for cash flow, we are looking in the Temple/Waco areas.Would anyone be able to share the monthly rate they are earning from properties in either of these towns?

For some the emotional attachment to your hard earned investment (as well as all the other things that come with landlording) can prove to be rather frustrating.

Use your increased earnings and equity you've gained from your expensive market to do more volume out of state.