The type of business sometimes matters too (for example, a licensed taxi driver in Philadelphia has a tough time making ends meet the last few years due to competition from UberX and Lyft).So start by getting the applicant to give you physical (or electronic) copies of at least the last two years worth of tax returns, plus the applicant must give you completed and signed copies of IRS form 4506T covering every year of tax returns being submitted; if any of those are amended returns, you must require that you be given the original un-amended return as well.

One possibility is the property's physical appearance; if it appears run-down or needs TLC, that could be a turn-off for potential tenants.

Every state you do business in will require a registered agent physically located in that state.

You should determine the cap rate, coc returns, timeframe for turning the units for repairs and increased rents.Also, what's the physical vacancy rate and economic vacancy rate?

This will ultimately result in giving investors the ability to conduct business on a same-day basis while maintaining their custodial oversight requirements.

And even if it passes it will likely end up just being a yearly registration with a fee within the city more than it will be a physical inspection like it is in many of the suburbs.

RE is very illiquid, and even though I don't think TX/Austin RE would be greatly impacted, I think there is less risk in holding for a few months and following the timeline that you've set out for your family.As of now, planning to spend a few months in the city in an Airbnb, physically see different properties, feel out the city, and pull the trigger whenever something comes up. 

or the physical property?

PHYSICALPhase I - Historical & UPDATEDZoning Compliance Report - Parking, use, zoning, physical structure, City Compliance Letter.

Many CPAs are set up to help you virtually, so interviewing for knowledge base rather than physical location may be your best bet.