The terms will be worse than what you would expect, typically with rate, but Ive also seen shorter amortizations.Appreciation tends to be non-existent in these. 

They also frequently ask the guests on the podcast what their favorite real estate and non-real estate related books are, which will help add some depth to your recommended reading list.

I agree that if he forecloses, junior liens (without some form of super-priority) would be a non-issue.

In our area, most people don’t need a car because of the public transportation that we are blessed to have, plus you can get any where in this area using Uber if really necessary.

Enjoy the government rent subsidy and sit pretty.

A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).

Unless it is portfolio or non traditional financing. 

Austin has a terrible public transportation system compared to what you're used to, so be careful not to underestimate the time it takes to navigate this city.

Is the sweetspot to find a middle-tier school district or is it a non-factor?

I owe specific thanks to @Scott Trench for his book, Set For Life, which played a big part in my decision making process, as well as @Brandon Turner and @Joshua Dorkin.I've spent the last 3 years behind a desk as an MLO for one the country's biggest hard money lender, working specifically with brokers across the country to facilitate loans on behalf of their clients, and the learnings from that position and the time I've spent on BP, reading the BP publications and forums has given me the confidence to undertake this life changing pursuit.If you or someone you know/partner with is looking for financing on any upcoming real estate investment, let me know - I strive to be of value and have an extensive lender network to ensure quick terms and reliable financing.