More time consuming, but then no problems down the road.

With that said STR management rates are coming down, as a lot of things are.

When we get to Dallas, TX we want to buy a duplex of $450,000 with a %5 down payment (est. $40,000 including closing cost) under my wife and my name since we will be living in 1 unit and rent the other unit out.

And fast.You are flat out being misled if you do not think there is any risk associated with investing in real estate.Like any investment, real estate can go up or down.

Instead of paying cash do 20% down so you're not tying up so much money on one property.

Also, don't do incremental price reductions because you're chasing the market down. 

After I move to Austin and have enough saved for the down payment and CapEx I will be in touch!

We plan to put down 25-30%, and manage it as a midterm rental.

If you plan to pay down quickly, splitting into two loans makes more sense because you can attack the more expensive loan with the extra principal payments and rapidly change the weightings, reducing the blended rate with each payment (fyi - most investment property 2nd liens will have prepay penalties).

I can refinance out the old mortgage and still with no cash down.