You’ll want to talk to @Dave Foster or one fo the other 1032 exchange experts on here but...My layman’s understanding is...If you ever sell anything you exchanged out fo California they’ll clawback their state income tax. 

If you are the discount PM company, you will need the cheapest software, insurance, equipment, and the cheapest employees. 

So which parts of Austin do you think most of the employees will be looking for housing?

UtahAmericafirst 80% LTV on noo 65% LTV UtahArvest Bank AR, OK, AL, MO Bank of West (BNP Paribas) 60% LTV ELOCs BB&T will loan on a rental portfolioBBVA Compass Bellwether NH and MA 85% to 100%, draw 10 yrsBoeing employee credit union California: Cal Coast Credit Union and Fremont BankCitizens Bank -Minnesota, only in-state.

@Mike Reynolds...its probably not just these employees who will buy here...market is pricing in infiltration from NA...NA homes are just unbuyable for many so they have to go somewhere, plus this part of Austin might be a great spot for rental property investment owners who can afford 350K and happily place a 50K Tesla tenant :)and btw you need to consider household income for home buying....so a household income of 75-100K can easily afford 350K homes as well

House-hacking is the best way to get your foot in the real estate door as a beginner, even if you quit right after getting into the house and THEN moving on to being a 1099 employee! 

There are plenty of graduate students, professors, and university employees that also need housing.

Now I’ll be using@Dave Foster as my QI as my first QI retired and Dave has a wealth of real estate knowledge across all asset classes.  

BRRRR is about you and your ability to do the following.Raise / acquire fundsMarket to distressed sellersEstimate rehab costsEstimate the ARV of properties in your target marketManage contractorsHit timelines & manage large projects / employees

This is a question for experts like @Dave Foster, I have someone interested in trading a property I have for another property straight across.