“Austin is growing rapidly, and as we look ahead to accommodate existing and future Austinites, there needs to be a plan in place for a more affordable and sustainable city,” said Dewitt Peart, president and CEO of the Downtown Austin Alliance.

I'm working on growing my list of possible investors while I'm getting started. 

Buy small because they grow fast and then you have to trim.  

https://www.statesman.com/news/20190418/austin-region-fastest-growing-large-metro-in-nation-8-years-running-data-shows  Its job creation that is always the driver...

We had always thought about it but we decided to get more serious now that our family is starting to grow.

If the IRS determines that your intent during the year was always primarily to resell (think like a long rehab and flip) then they can call the gain ordinary income and you would pay regular income fed and state plus maybe self-employment plus maybe the ACA surcharge - It adds up tremendously. 

They don't have the intimate knowledge of the city that comes from years of growing up/living/working there; they don't vet the neighborhood.

If you plan to fix&flip then it will be taxed at your ordinary income rate.

There are now two households hosting families and they are expecting to grow

Vacation rentals have been growing at a rapid pace in Puerto Rico with currently some 10,000 units being offered in sites such as Airbnb.