The market is sizzling here and I'm having a challenging time finding opportunities that will pencil for me.

@Ben MillsI'll jump in since I develop in Austin.You are correct that one of your biggest challenges will be to find the lot.

A family of six hoping to rent a two bedroom apt, a mentally challenged woman with two small children trying to escape an abusive husband, and a young couple, maybe nineteen or twenty, who were looking for a place they could share with his parents who'd just had their trailer repossessed are some of the people who applied for my most recent vacancy.  

The challenges are:Condo association may not allow you to rent them or only allow for certain amount of time.Association fees eat into your cashflow and if they get raised or there is a special assessment there's nothing you can do.If there's a problem with the tenant and they break one of a hundred association rules, you're caught between them and the association.

It is an empty house left in a Trust for the last 6mo or so by folks who died and left to their children.

These are notoriously challenging to predict because of unknown factors that could arise.I'd have to say looking at market conditions and what is expected in your local market can give a good insight to short term property value appreciation.  

Anyone having some experience the and able to give me some tips about the potential challenges ?

I would look for them to be willing to teach me, answer my questions, ask me questions, challenge me, and ultimately have a vested interest in my personal and professional success. 

If you have general questions about local markets, investing styles on facing the challenges of being young in a cash business I'd be happy to discuss.

My close contractor friend told me to buy in Scottsdale cause that's where the money is, but to be honest that market looks more challenging to me at the moment (until I understand it more).