Starting out I strongly recommend buying a performing note so you understand the process and players.

If you are already buying under market value, the cost of repair may be worth taking on to secure the deal.

As long as the numbers work, it will be to your benefit to secure as many units as possible with that cheap 30 year traditional financing while it's available to you.

My Chase Business savings account pays negligible interest, and I would like a higher interest bearing account in which to place security deposits so I can keep the interest (in Michigan where this is allowed).Where is a good place to put security deposits to get significant interest? 

And violating the lease would mean they would loose their security deposit.

Like to get a pre approval and secure the deal.

Best way to pierce into Austin as a newbie is to network with other big players and top brokers. join as a LP on a deal to learn it while building your portfolio. if you want a place thats hot but less espensive then north dallas ftworth.. if you want great value add we can help you here in san antonio

I have already secured a FT job that I will be starting in June, and I will be graduating in May.

Most are set up to help you virtually and will use secure document transfer and electronic communication via email, Skyle, etc to communicate with you.

Make sure you also get any security deposits and last months rent per leases that you should be reviewing.