@James Derrick This property has major problems. 

@Danny Abrahamson - KW (and most Realty Agencies) are going to want you to either be full-time or have a plan to get there in a "reasonable" amount of time; however, it is also known that the vast majority of licensed agents are part-time.

Look and ask about things that would be a major cost. 

Duplexes in Taylor, Texas (40 min from downtown Austin and less to the Domain, Round Rock, and major employers like Apple, Dell, Samsung, and others) run as low as $150,000.

I did a little research and it does not appear to be a major expense to get it done which is making me lean towards taking care of it on our end. 

@Joshua Espejo, to address your questions:Late Fees:  Majority of PM's will keep the late fees. 

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I currently live in the Phoenix Arizona market and we’re seeing some major growth here in the past 4 years.

The property itself does not need major work, and once it has been acquired through hml, I should be able to immediately start the refinancing process.While I am leaning towards using hml, I have not counted out the option of paying the acquisition cost in cash myself.

With that being said, I fully understand majority of this is an art that has to be practiced.