This is a long play, don't be worried to go slow especially when you're putting such a large percentage of your wealth into one asset.all that said, asking "how can I make this work" will eventually produce a positive result.

So you really have to look for some deals.If you were looking at things from an ROI perspective, is there a minimum percentage you would aim to achieve? 

Then they cut a check in the beginning for a percentage of the repairs maybe 30% of total cost to repair, but it was made out to me and the bank holding the mortgage.

@Detrick Moore HML will provide percentage of purchase and also give you money for remodel on a draw /inspection basis. 

Many lenders will give you a percentage draw upfront to help get you moving.

Don't know much about Austin but here's what I can say for Phoenix:Arizona had the fourth highest percentage of job creation in the country last year, just behind Nevada, Utah and Idaho.

I'd look at all of the numbers rather than following a percentage.  1% of a $50K house is not as good as 1% of a $150K in some areas. 

So, as the size of the property and amount of revenue generated increases, the management fee as a percentage decreases.

I am able to use a percentage of my rental income (80%) to get approved for additional mortgages.

If there were some structure in place where the PM was able to take some percentage of the prophet combined with some measure of how the overall asset was being maintained, I would be more interested.Something like, the longer a tenant stays and the better the property is maintained the more the PM takes.My experience is more of a heads the PM wins, tails I lose.