As the local governments struggle to manage tax payer money responsibly, they should really offer incentives to private builders to build "income restricted" at a much lower price. $220-$300/ft for vertical build costs.  

To add to that, Dave's local bank, where he took out the loans for his properties, either went bankrupt or was bought out by another bank.

Good for Saronic! The Austin metro is sitting at super low unemployment rates 3.7% even as the metro is growing daily as the employment force expands rapidly. Saronic is in south Austin off south congress. 

I am from California and I am looking to get into the local multifamily market.

We plan to start in NYC and then create a network across the country, so we'd have local market experts. 

I would check out some local meetups and meet with as many investors as I can.

Really your question would be, what are all the possible closing costs and there is a long list there, I suggest getting to know a local closing company to help you and they should have some info on a website.  

I would get the list of owners from a local title rep you use, then take that to the local printing shop (all-in-one).

I am assuming that you do not have someone that is local with a key that can enter on your behalf...On another note, you have reason to believe that the tenant may need a safety check.

I can recommend a local attorney.