You can find cash flow neutral or positive in Houston (I invest there) and San Antonio, and possibly in Dallas metros in very decent neighborhoods as those are strong economies and growing metros, though those markets may lack the sexiness and tech profile of Austin.

Is there a risk of any legal issues because of the lack of lease or lack of rental certification? 

Will I still be required to put down as much as 40% simply because I am not owner occupying it?

The biggest problem that I see with this area is the lack of entertainment, however, that is slowly starting to change as well.  

Truth be told the craftsmanship on a lot of the house after being in it for a while is lacking, however, I feel that it is at least teaching me things to look for in the future.

Why take that chance when simply getting a $1 mil umbrella policy will protect you just fine?

For example, the tenants we had in a unit would simply bust out the screens so that they could throw stuff out the windows. 

I am simply looking for people of this area i can meet with maybe buy a coffee and pick your brain for a minute or two, i may not be a asset now but in time i will be so looking for those who are willing to help me grow as i want to help others reach there goals as well. looking forward to speaking to you all soon. be great!

It's simply important for the investor to go through which of his properties are easiest to manage and where large repairs are not expected anytime soon. 

Personally I'd RATHER have the underclassmen simply for the possibility of having them for the duration of their studies.