Investment Info:Single-family residence buy & hold investment.

What you describe sounds a little like a BRRRR (Buy Rehab Rent Refinance Repeat). 

I highly suggest working with an investor friendly agent so you don't buy in the wrong locations.I like the west side of Cleveland.

I think having a balanced budget would be ideal where you allocate money into buying another property and money set aside for renovations.

This could work well if you’re looking for steady monthly returns and don’t mind managing tenants (or hiring a property manager).Selling could also make sense if you’d rather use the $500,000 to diversify into other investments, like buying multiple properties or even a short-term rental on the lake as you mentioned.

.: I’m looking at a property that checks all the boxes—good numbers and fits my buy box—but I haven’t seen it in person.

Buying in Austin?

Again, I do not want buying the multi-family home to block me from accessing lending for the second home when I move.- Does anyone see any flaws or can offer some improvements/considerations to the financing strategy of this plan? 

Dial in your buy box, then be swift/actionable when ready.

-are you buying with conventional or DSCR financing?