Just like any city, you have areas that you should and shouldn't get involved in.

Would it be smart to advertise for 800 and risk taking longer to get a tenant?

It's good risk management to have the 30-year mortgage and the flexibility in case your rents ever go down, or you have a really large capital expense (e.g. you have to replace an entire HVAC system).Lastly, seek out a portfolio lender (a.k.a. balance sheet lender).  

We both think that starting a group who meets regularly to discuss South Austin, Buda, Kyle and San Marcos would be beneficial to everyone involved and lead to great connections in the area.  

A lot of these solutions provide free trials so you an check them out risk free.https://www.biggerpockets.com/rei/online-property-management-software-cloud/

Your risk of losing money is about 90% if you want to be under 50K in Memphis as an out of state investor.  60K plus you are starting to be OK.

Brett Britten started investing just under two years ago (December 2014) but have been involved in real estate since 2011.

If you can get that while keeping risks manageable, be happy.5 years total ROI (assuming sale) is at least 100%Yeah, if everything goes perfectly, but as an passive investor in some deals, I don't really care what you, the sponsor, says about appreciation.

A good agent will be involved in the local real estate agent community and let people know what you are looking for, this exact scenario has put me in the position to buy many off market deals.  

I have only been involved in a few deals myself, but was raised by a father who understood the term "Sweat Equity".