Mortgage rates continue to rise, demand seems very soft (based on closed sales, # of withdrawn listings, & mortgage apps staying at 22yr lows), Austin's price to rent ratio already is one of the highest in the nation, & now there apperars to be this large 'shadow inventory' with sellers who want to sell but aren't able to..Even with all the headwinds, still feel there aren't many markets with better economic fundamentals.

For the market, I would recommend any new investor to start locally but as that is not an option for you I would recommend looking at location statistics on cities with strong economic drivers or growth.

Likely you would go with a construction loan on the BRRR property but you should make sure all the economics makes sense first. 

The San Antonio Economic Development Foundation recently greenlit the "All In SATX" plan that's a $55 billion dollar expansion play targeting 140,000 new jobs here by 2025.

When the property is sold, you'll generally have taxable gain, especially if you participate economically in the sale, as you probably won't meet the Sec 121 exclusion. 

Is it worth to go through these additional hoops and take the hit on the economics?

(any type - Public, Private, Trade schools, Community Colleges etc)- NOT one of the super in-demand markets (think LA, SF, Denver, Austin, etc) so it will have fixer-upper starter properties in the 75-200k range- A market with good chance of future economic success in terms of local employers, especially in tech, renewable energy, entertainment, manufacturing, etc- Not the most crucial, but:  kind of a fun place to live!  

If you're in it for the long haul, I really recommend looking at markets that not only cash flow well but have strong economic and demographic fundamentals.

Likely, you will need to draft new agreements between the tenant buyers and the park after you close in a fashion that keeps the economic nature the same, but to comply with the law. 

I was originally approved for 5k after a few days I logged in and I was approved for $10k.  I want to accept but I'm not sure what documentation is going to be requested of me.  I own 3 rental properties.
thanks,