This topic has been hotly debated here for years.

Yes, it's hot so competition is tough but this doesn't mean finding deals is impossible it just means you have to be prepared to work that much harder.

do you again for breakeven or a bit more in such a hot market like Austin MSA. or should I be patient? 

It's an incredibly useful vehicle for getting started and punching above your budget (from a down payment standpoint).

Aim for the neighborhoods that are just one away from the "hot" ones... so instead of Foutain Sq. or Bates go for south Fountain, Garfield park, Emmerson Heights, edge of Grace Tuxedo, Brookside park etc. 

Plus, even though Atlanta is hot and the market is competitive, it's still a fantastic market to be in, especially if you are playing the long game.The best way to search for property depends on your strategy and stage of investing.

They all said leasing is really hot right now.

The vent on the wall is simply to get some of the heat (and smoke) out; it's not required but that closet may get hot and damaged clothes (or not...).   

Make sure you are factoring in reserves for roof, appliance, hot water heaters, ect...

I know that I can get financing for 7% interest rate but that seems incredibly high for an apartment complex and, based on the numbers that I got for some deals on loopnet, that is pretty hard to turn a profit.