"I'm concerned about the risks": While real estate investments carry inherent risks, syndications often spread risk across multiple properties and strategies.

I’d recommend going with a local lender that you have a good relationship with as opposed to a large national company as they are likely to have better immediate customer service and are more likely to respond in a timely manner, which is important for your first loan.

The core of our business philosophy looks at owners as business partners and tenants as customers.

Now, Austin is now becoming California, but if you live here and are renting then you have better options as an owner occupant, than as a pure investor in Austin.If my Assumptions are fairly accurate, then listen up, if not disregard.Buying a new built house in Austin on limited funds, hoping to sell it in two years so that you can make a tax-free profit, is NOT A GOOD STRATEGY!

Perhaps you are developing a strategy that can be duplicated with success.  

And, house hacking is a completely unique strategy because it's also providing you shelter. 

As far as your strategy you want to move forward with, I would recommend find out exactly what’s allowed  for your parcel, and then strategize based on your local market.

He has a channel called "multifamily strategies" Also, If you look up Caleb Hommel, He got started in REI at 18 or 19, and he has some videos too.It's not a direct answer, but it might help you get an idea of what you want to do?

With an STR you won't be in the property management business but will be in the customer service business.Expenses are higher and little things that don't matter with an LTR will matter a ton with an STR.My advise is to read as many books as you can and read thru this forum.Due to the explosive growth of STR in many markets it is a ton more competitive than a couple years ago.

I currently short term rent it; however, since the short term rental market is flooded and demand has gone down it seems, my strategy is to turn it into a long term rental to ensure cash is flowing.