He sees the market going up, and that it’s a sellers market, and says I should wait for the next crash to happen before I jump in"  If the market was assured to keep going up you would probably be ok, but what if it corrects, just as you jumped in. 

@Jared Huffman , Linda D. is correct.

This is why the HOA has an interest in your insurance coverage.The HOA is covering the outside of the units BUT - if you are unable to rebuild the inside of the unit because you don't have the proper insurance that is bad for all the owners in the association so that's why you are getting heat about having the correct coverage.  

REOs (bank-owned properties that have already gone through foreclosure) are sometimes sold using the auction method... but they are owner auctions.Be very sure of the type of auction you are participating in. 

My biggest concern is the inevitable correction, especially in Austin.

Readiness is really Deaconess Hospital that my phone auto corrected! 

So does monthly rental income become x 11 months instead of 12 months if I understand correctly?

@Edward Howell, V if the repair numbers you say are correct that is a respectable deal based on the cash flow and rent to price ratio.

I do several methods of screening. 1. 

Eventually, I will be utilizing the BRRRR method when financing permits.