So, when asking is Austin still a good place to invest, maybe one should add: relative to what other location.  

For practitioners in the real estate industry, the biggest challenge is not just the difficult work, high risks, or immense pressure, but the necessity to learn to let go of complete control over outcomes.

It’s better to have less rooms and to have them large enough to comfortably fit a queen bed.

You typically need up to two years of stable employment before a bank will loan to you.

This ensures the landlord is notified any time the policy is changed, canceled, or renewed, making it easier to track without relying on the tenant.The difficult part is enforcement.

Try to stay close to the median home price for that city. 

Quote from @Joel Oh: Your business must make money day 1.It is so much more difficult to fix the model that is not making money than starting a new business that makes money day 1. 

Try talking to local banks who want to do business with you.

You are unlikely to sell all the properties to one buyer.

@Sebastian NadalI've used Zillow Rental Manager to screen my tenants and have found it effective.