You would be hard pressed to find properties in the 60 sq ft range which  are in your own backyard There is nothing like mining your own neighborhood and investing for both cash flow and appreciation Study you local market and I be you will find both types of properties that would be much less of a gamble then venturing into the unknown 

So based on studies of what is/isn't a hazard they've decided what they prefer for those areas. 

Meet as many people as you can and study up on the different strategies until you find what works best for you and your goals.Good Luck getting started.

According to a NAHB, National association of Home Builders:14 millions households were purchased between 2011 and 2013.11% purchased brand new homes.43% were purchasing their first home.Median age of buyer was 32 years old with income of about $62,000Median age of new home buyers was 40 years with income of about $85,000Median value of homes was $168,000.The median buyer looked at 10 houses before buying.11% bought using cash or zero down financing17% used proceeds from sale of existing house to buy.Full study is at:http://www.nahbclassic.org/generic.aspx?

There are other places in Texas where you could fare better than Austin (San Antonio, Houston, and Dallas are all hot markets but have lots of opportunity) Also, the MLS will be the most difficult place to find deals, so you might consider looking into and studying other strategies (wholesale leads, FSBO, probate, etc) 

Going to network with some of the landlords here and pick their brains a little and maybe send some letters out.I have been studying real estate for a long time and the rich dad books and game and I learned a lot and I have a long way to go.

While I didn't reach all my then stated goals, I did successfully do the following things:1) I quit the 9-5 that was holding me back from my REI goals, and joined a startup that lets me study real estate investing all day, every day ;).2) I purchased a small duplex for $240,0003) I've lived for free for the past several months by renting out available space in my duplex - "house hacking"4) By continuing to live frugally, I've accumulated savings at double the rate of 2014, and am now ready to purchase another property - I'm just patiently waiting for one that meets my criteria to come on the market.5) I've continued to meet investors, agents, wholesalers and many many other interested parties through BiggerPockets and various meetups, and have done my best to give back to the community through articles, forum posts, and my day to day work on BiggerPockets.Anyone else want to share their first post and measure their progress towards their goals?

I know I have quite a bit of studying to do.

Found a house rented by a bunch of grad students where 1 was studying abroad for the summer and I took over his portion of the lease for that time.

In CA, most of the liens remain but are no longer attached to the real estate if foreclosure occurs on a senior lien (does not apply to purchase money loans, for example).Study the FL title laws and remember the difference between buying at foreclosure or buying from a defaulted property owner prior to sale.