It's conveniently located at a round-about (street parking for 4 cars plus an area in the back that was once a garage converted to a shed).

That's a lot of cash. with hard money I only need 1.5mil in cash or equivalent equity investment and can round out the other 4.5 with hard money.

This isn't necessarily 'cheaper money', but it keeps me much more liquid AND my credit score doesn't suffer.The numbers are as follows (rounded for simplicity):Purchase Price:  $120,0001st Closing Cost:  $2,000Rehab:  $50,000Holding Costs:  $2,5002nd Closing Costs:  $ 17,000Interest (paid to me):  $8,000Sales Price:  $239,500Net Profit:  $40,000GC Portion:  $28,000My Portion:  $12,000My Return: 11.5% in 5 months, 27.5% annualized (I really hope I didn't make any math mistakes)I am really happy about it, but must warn that this worked for me and my personality.  

Brew City - best atmosphere for networking which is the most valuable in my opinion with a great mix of newbies and veterans as well as buy and hold, flippers, SFR, Multi-Family investors etc. so most well rounded group to network with. 

Or even closer cities such as Pflugerville, Round Rock, or Cedar Park?

Yesterday I put an offer on a small 3br in Renton which had only been on the market 2 days; listing notes said "offers to be reviewed tomorrow (1/31) and must be submitted today (1/30)"I submit a strong cash offer; only to find out I was 1 of 11 offers; agent did the usual and bumped everyone up a couple times and we raised strongly each round...still did not get the home. 

My Saint Augustine lawn stays green year round. 

Let me see if I can help you go about figuring it from a different perspective (maybe I calculate math differently :) )Keep your income out of it for just a minute.Let's say you have a property that costs (PITI)  $25,000 per year (I like round numbers).Then let's say you receive rents (considered fair market value) of $35,000 per year.You take 75% of the rental amount (35000 X 75% = $26,250)So, theoretically, you should be able to ADD $1,6250 (26,250 - 25,000 = $1,6250) to your income to help you qualify for the next property.NOW, this is a ROUGH estimation. 

Around my market there are smaller satellite markets which show up as almost 100% booked year round.

I understand that it is quite a round-trip drive to and from Reedsburg for a small group meeting.