:D If you are still active let me know.

As for the rest, there are major differences between Net Operating Income and Net Annual Income (or annual Cash Flow – which I consider the real measure of an investment performance, how much money puts in my pocket on a regular basis) and Cash on Cash Return on Investment.Net Operating Income is calculated before debt.Net Operating Income = Gross_Annual_Rent – (Vacancy + Operating_Expenses)Where Operating Expenses = Taxes + Insurance + Monthly HOA x 12 + Monthly Management Fee x 12 + Repairs and Incidentals (Warranty, Utilities if any paid by owner and/or during vacancy, CapEx reserves, etc., don’t forget the CPA and Lawyer costs) Again Net Operating Income is calculated before debt - what matters more is the NET Annual Income (or annual cash flow): NET Annual Income = Net_Operating_Income - Mortgage_PaymentsAnd that leads to the Cash on Cash Return on Investment: C/C ROI = Annual Cash Flow / (Down Payment + Closing Costs)And I’m willing to bet you don’t get C/C ROI above 10% on any SFR in Austin area (based on these calculations and bought with conventional means, not subject-to or assumptions, or owner financing or other creative financing).

I'd surmise that folks traveling in from outside of town for Derby (and related activities) would want to be in "A" areas (or thereabouts). 

I do mostly fix and flip so I am a very active investor doing direct marketing and managing over renovations.Good luck with narrowing your strategy and learning.

Major improvements, like a kitchen or bathroom rehab, do not.

---------------Neighbor very active in Property Auctions and just got this deal.

(The majority of Realtors around here who sell real estate do not deal with property management)  Just my 2 cents ;)

Major employers are the base, federal agencies such as border patrol/homeland security, school district, city, and the hospital.

Find out how active they are and how quick that can close if you find the right deal.

The majority of our properties are tenanted by the time they are closed, but it just depends on what stage we are in when our clients choose a property.