I am intrigued by the idea of potentially house hacking a duplex or quad somewhere in Austin and turning my current primary residence into a rental, knowing that it wouldn't be a cash flow play, but more of an appreciation play.

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Obviously in the current RE environment with rates where they are, this would obviously reduce my mortgage payment per month vs if I put only 3.5% or 5% down, potentially me helping break even or even "cash flow" on the property once I move out after a year.

., and potentially delay the SFR purchase plan according to the status of the investment.It's a hard decision to make since the economy this year is a bit flaky.

But, it is a place where certain discussion about how political policy has and potentially will impact real estate prices, values, and investor returns. 

I’ve lived in metro Memphis for over fifteen years and I’m just now discovering it’s potential for REI.

This three level multi family property has potential, with 2 bedrooms on the first floor and 4 bedrooms on the second, and it has a finish basement with a bathroom.

I'm interested in potential buy for a rental or maybe wholesale.

The areas that cashflow better will typically be more difficult to manage, but with that said, there are definitely cashflow potential areas around town.  

Before committing, conduct due diligence, seek independent financial advice, consult with legal experts, and have open conversations with your friend about expectations and potential conflicts.