It's important to keep your personal learning style in mind.

@Horacio GutierrezWhat is your wife looking to achieve?

And if using all cash isn't a great idea, what are some other ways to achieve cashflow with buy & hold in Austin areas? 

Everyone seems committed and ready to achieve there goals and hold each other accountable!

(where I live) I Know They say wholesaling can be done anywhere but I guess I would like to hear feedback from more experienced investors then myself on what your takes are about my approach and what is the most efficient path I can take to achieve  my short and long term goals? 

Either you or your Realtor® should undertake a CMA, Comparative Market Analysis, to see what your neighborhood says about like houses in the number of bedrooms, style, age, size, and condition.As an added note, for a room to qualify as a bedroom, it must have more than one exit i.e., 2 doors or a door and a window.

(I have carpet in most units.) and, "Rent is due on the 1st, late after the 3rd, there are late fees, no partial rent payments" and what will happen if the rent or late fees are not paid.An investor mentor in Houston uses this hard a#$ up front style, but I was unable to give myself permission to use it until I let my first 2 Tenants walk all over me.

Plus the construction of the home is only 7 years old, so this inst a old style home either. 

They are not as distressed, look for stuff like single pane windows, older style of trees - there are several shrubs that were extremely popular in the 80s and are not popular now.. look for wheelchair ramps.

I’m not sure what market you are in, and the cap rate you are able to achieve in SFR’s.