I just want to make as much of an effort as possible to mitigate using a realtor that isnt devoted to finding me a good property or helping me get tenants in the property since I will be "out of pocket".Great advice.

IMO, they're very stable investments because those towns all have economies independent of Austin, and are supporting their own growth.A bit far out there, but you can mitigate your real estate risk in a commodity market-dependent area by hedging with futures, specifically WTI for Houston

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If you have never purchased a property with cash make sure to connect with individuals that can help you mitigate your exposure to risk.

How is risk mitigation distributed among you, bank and Angel Investor?

I think the really good insurance policy strategy is a good way to mitigate the liabilities created by putting all the eggs in one basket.I agree with Brian that grouping them by strategy/business type makes sense too.  

Maybe those people know what it's like to be piss poor and would rather have mentor to mitigate the risks.

If this cannot be removed entirely, this can perhaps be mitigated with a minimum base ground rent. 

Using leverage to mitigate your risk, increase your buying power and enhance your cash on cash return is great to consider, however, lenders are not to interested in funding your "education" either.  

By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind.