My main concern would be the occurrence of an emergency before I had time to build up a sufficient reserve fund.

Companies like PolicyGenius do an excellent job selling personal lines coverage (property/casualty and life, mainly) more easily (and maybe more cheaply) than your local State Farm agent.

We represent several developers in Cedar Park, they all developed for owner user + rentals, but I'd say the main thing from a legal perspective is ensuring good GC and sub agreements.

Two main responses for you:1.

I have a tenant in Maine who refused to leave after her lease expired, and multiple notices were given saying she needed to leave after it expired. 

As a seller of RE ( mainly new builds) We do see parents being protective of kids when they are worried about the new spouse..

Mainly cashflow to be honest.

Expect to spend a considerable amount of your time speaking to people.Expect to work dozens of hours/week with little to no immediate result.Expect most of your early interest from potential clients to come from your sphere of influence.Expect to go 3-6 months without getting paid (unless you do rentals which usually pay faster)Expect to be bombarded with distractions - mainly, people/companies marketing to you so that you choose their system for quick and easy buyer or seller leads.

The main issue I've come across is that everything in this price range would be cash flow negative.

The main objective is regulation and taxation.