The market does seem inflated to me in Austin as well but I don't have any experience to base this on besides conversations with friends.

The rehab loan is called homestyle renovation loan and based on conversation with one lender yesterday is only given to seasoned investors for out of state investing.

In a recent conversation with Tim Macy out of San Antonio, TX I learned more of the value of this Network. 

Im about 50% done a conversion from a SFH to a duplex, i have done 90% of the work...I'm now learning, if its going to take me 3 months to do it all my self, thats about $3500 lost from it being vacant.. so i may as well spend that amount to have it done in 1 month have it rented sooner, sooner money is in my pocket, and i didnt need to do anything and can spend time with my family. 

We should connect offline if you want to have a more in depth conversation. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

In this case, just ask them to call the listing agent and have a conversation before sending the offer.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Scott's books on flipping and estimating rehab costs are also great sources of info.As far as wholesaling is concerned, Find out: Your target area; ALL costs of a mail campaign (list, letters, postcards, necessary office supplies, postage, etc); budget for 6 months-1year of mailings; develop scripts for prospective sellers (what to say to them); learn to track responses, follow-ups, conversion rates, overall campaign effectiveness, etc.Build your team; title company, RE attorney, cash buyers, closing agents, etc.Feel free to reach out if you need any info.