As the local governments struggle to manage tax payer money responsibly, they should really offer incentives to private builders to build "income restricted" at a much lower price. $220-$300/ft for vertical build costs.  

We plan to start in NYC and then create a network across the country, so we'd have local market experts. 

I would check out some local meetups and meet with as many investors as I can.

Good for Saronic! The Austin metro is sitting at super low unemployment rates 3.7% even as the metro is growing daily as the employment force expands rapidly. Saronic is in south Austin off south congress. 

Really your question would be, what are all the possible closing costs and there is a long list there, I suggest getting to know a local closing company to help you and they should have some info on a website.  

I would get the list of owners from a local title rep you use, then take that to the local printing shop (all-in-one).

I am assuming that you do not have someone that is local with a key that can enter on your behalf...On another note, you have reason to believe that the tenant may need a safety check.

I am from California and I am looking to get into the local multifamily market.

I can recommend a local attorney.

Depending on the specific details and the local laws, they may not be able to sell the property until you have resolved the issue.