So my wife and I just landed a nightly rental approved condo in a resort area.

The joys of short term rental hosting.

The property is in an unrestricted HOA with a couple other vacation rentals but mostly season homes with some long term residences.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

I have 4 rentals for the last 5 years.

Retirement distributions are considered taxable income(Federal and state).You mentioned self-managing the rental properties so it may be that the income will offset against the rental loss.However, you will still be subject to the 10% penalty.Have a conversation with your CPA and ask them to draw you up a draft of several different situations and see if that is something you want to move forward with.

Where I have rentals, it is 50-100% of the rent.

My partner and I are interested in multifamily LTR rentals, and are beginning our journey with fix and flips to build capital.

Recommend you spend some time researching your Austin market to learn how to evaluate potential rental purchases. 

He can also walk you through the actual acquisition process if you've never bought rental property before.I would, however, encourage you to do your own due diligence when analyzing the market and the actual property you are looking at.