Billed me for an emergency furnace repair that cost more than replacing the entire furnace.

I was thinking that a few emergency call fees from the plumber or electrician could eat into profits quickly.  

The fundamentals are solid though but always scary investing in emerging markets.

Or an emergency room charges 10 grand to check you out and send you home in 2 hours.You must live in a different world then me.

That way instead of inventing a system as things present themselves you will have thought through things like: What are my criteria for a renter, How do I want to be contacted in what situations, Who are my maintenance and emergency vendors, What tasks can free tools streamline for me/What can I automateFor example I use google calendar to remind me to drop my renters a line quarterly to see how they're doing and if they need anything.

As previously mentioned, Austin is an appreciation market, so focus on emerging neighborhoods that will be more likely to grant you more appreciation over time.The strategy here is to find an investment neighborhood that will likely turn more into a retail neighborhood over time.

You know the market, can inspect things to your standard, and can be at the property in case of emergency.

And not because they were waiting on a part or something crazy (if those would even be excuses for a 44 day wait) but because the discount hvac guy they used was booked up and they refused to pay emergency rates.

I would set aside 5k for an accountant and fees required to register your LLC/ S Corp, non profit, licenses ect...Now you have 155k cash to hold for repairs/upkeep on your property or personal emergencies. 

Don't forget the more you ad the more you will need for emergencies for when things break.Keep up the good work and focus on your path!