You should spend some time reviewing your states local landlord/tenant laws.

I want to spend quality time with my young children.The Army has recently assigned me to Austin, TX for the next 6-8 months. 

I analyze all my big "fun" purchases as much as my business ones. my mindset is always...can I sell this for the same or more later regardless. the cash to buy the lambo wasn't refi money, however more of my personal spend money was taken to fulfill the purchase than to other personal areas like vacations, eating out, etc. and my daily is a workhorse civic too ;)most of my rentals were bought using cashout refis from previous purchases so I understand if worse comes to worse and I sell at a 20-25% discount, I would basically be netting 0 in terms of buying/selling. however I would have gained all the cashflow over the couple years. again, this would be a worst case scenario.

The hundreds of hours you spend finding off-market properties may or may not be in your interest level.Personally, if your time horizon is long term (20+ years), then that time in the market will make up for finding the "best deal" now.I'll send you a few recent deals that we did for clients looking to buy and hold.

Originally posted by @Khenan Newton:@Jay HinrichsYou never know what these people might want hahaMy car might be old but that just might be what someone fancies if they feel the need to sue. been doing this 4 decades no one sues anyone to just get a car in a real estate transaction.. unless you have substantial real estate holdings or are known to have LOTS of cash .. no one is going to spend the money to sue you... its just fear mongering.. and frankly one of the reasons dealing with wholesalers is so bad.. no accountability with most of them they just do deals that don't work and walk.. kind of like trying to sue a dead beat tenant.. 

I DEFINITELY do not want to spend years and years as a real estate agent, and then take classes, and then take a broker exam.

I am only interested in getting the job done correctly, but after thinking about the extra time I will spend, the buyer that I lost, and the extra monthly HOA payments I'll be making, it seems their inaction and not doing what was asked correctly, is now costing me money. 

My current plan is to spend the next year learning and and focusing on two upcoming rehabs before I start investing myself.

One thing you seriously have to consider is whether the turnover/vacancy involved would have a big impact on your bottom line - for example does your property manager take 1/2 a month rent to find a new renter, how much would you spend in cleaning/paint/carpet/etc between tenants and if it is a cheaper property in the area, are your tenants going to maintain the property well? 

Assess the condition of the proprty and create a capex plan, so you know when you will spend money and how much.