Leveraging is great, just make sure you aren't stretching yourself too thin.

They hold it in escrow.If the seller finds out that you'll be entitled to the commission they may come back to you and try to work something out so they aren't potentially paying more in commission.

Every Lender is going to be a little different, with no background they aren't going to give you much benefit of the doubt. 

It sounds like you are looking for someone that has experience working with investors, maybe even is an investor themselves, that can help you find some properties that aren't a tear down, but also aren't priced just under retail cause all they need is some cosmetic fixes, right?

If there’s something that affects how much money you have on hand that isn’t shown by simply looking at your salary, be prepared to document it.Explanation of any credit inquiriesSubstantiation of any large deposits or cash gifts that aren’t regular income.

You are on the right track and it's great to see you starting early.I think one of the best ways for you to get started would be to House Hack.If you aren't sure what that is, picture a Duplex.

If they are not going to sign it up front, then they aren't motivated enough to sell most likely, and it might be a good idea to move on and try another seller lead and/or come back to them later when they are more motivated.

I rounded up just for ease of calculating, and even at that slightly inflated base the return is over 9% pre-property tax, which is much higher than the 2-3% pre-property tax yield around SF.Which begs the question: Why aren't more investors jumping on these? 

Mail is a good proactive approach to reach people who aren't yet actively searching for a way to sell their home. 

Austin is harder to cash flow than other parts of the state but to say that there aren't properties that cash flow is not accurate.