There is a chance I end up in Austin in the next 2 years and I'm currently exploring the area remotely.

@Don Nelson I suggest you pick a few cities/areas where you have someone you can trust with boots on the ground and analyze s few deals in each area to determine which markets are worth exploring deeper.

Therefore, even as you explore whether you could turn that into low income housing and whether your sister will work with you on it, you need to be trying to sell it.  

You can probably find them at your Local RE "clubs"

At this point exploring the idea of investing in multi-unit / apartments with 5+ units.

Maybe staying in my lane could be the ticket, but the thrill seeker inside is chomping at the bit to explore residential.Thanks for your $.02 now if I can only find the other $9,999,999.98 lolThanks @James Wise Account Closed

I haven't done any research on commercial loans yet so I haven't really explored that avenue quite yet but it is definitely a possibility.

Alternatively, explore the myriad of real estate crowdfunding platforms, and invest in several of the properties offered there, from SFRs in Dallas to huge student housing developments in California, to Class A office space in Manhattan.

you may want to look at B class multi units within a few hour drive of you.SFR's in hot cities are hard to work as rentals... its the reason they are so expensive in the first place they are being bought by home owners not landlords.Also you may want to explore investing with a great HML in your area who does short term fix and flip deals.. many times the COC return on these will be much better than a rental with much less risk and time involved.3rd you may want to look at Crowd funding...there are some nice plays happening there. there is far more ways to invest in RE than simply buying a rental house

Since you realize you have to finance your acquisition, you should explore and understand your financing options, probably before you make offers.