I don't want to buy the house because then I have to qualify... and that's simply not going to happen at this stage of my credit life.

Since every property is different and with CapEx items in a different stage in their lifecycle and the cost to replace those items is different for each property (size of roof, size of HVAC etc), and each landlord is different in the quality of CapEx items they choose, you can get a more accurate estimate by running numbers specific to your property.

In doing that, you also set the stage for when you grow enough to hire a full-time manager.

at this point you should be in the fact finding stage.  

Hi Ryan,IMO, this will probably depend on your goals, which stage you are in life and your personal preference.

Sorry if my question seems elementary, but in your P&L breakdown you mention Maintenance 8%, Vacancy 5% and Utilities $2400/y.  

The nearest elementary school is also a ways away.  

You should truly believe the sponsor’s story to pull the trigger at the stage of the market.

I was worried that the homes I'm looking at have margins that are too small ($20k-$35k best case priced at avg comps) but that makes sense about Austin being so competitive/saturated that that's probably the best I'm going to find at the stage I'm in now and with little experience and connections.

I'm in my beginning stages of checking things out myself