What would you do in this circumstance?

Do you try to rent to people who can't afford to buy, or who have circumstances that make it unlikely?

Try and figure the potential for rent increases, appreciation, pay down and necessary capex/maintenance. 3 years under the circumstances you describe might be great.

Some argue to stay for two years to avoid capital gains taxes if you sell within 5 years, but I plan on owning my properties long term and most primary residence mortgage programs only require you to stay at the property for one year before you can move out (unless you have a life changing circumstance like a job relocation in which case you may be able to move out even sooner).I fully agree with Scott’s plan above about increasing your savings rate and house hacking. 

Under normal circumstances, it’s not a bad thing, it’s just a factor that needs to be considered.

I even paid to have a site plan redeveloped and got it pre-app approved( I was going to partner with a developer to develop it multifamily/mixed use with great ROI) Circumstances changed my trajectory and I put it on the market about a month ago.

Due to new circumstances, you no longer want to live in Austin, what to do, lose 6k walk away, buy it and rent it or buy and sell it.Before I give you my opinion ask yourself this question.  

No matter how carefully you plan, the unexpected crops up or there are unforeseen delays.The key is to understand this and to plan for it!

Circumstances changes we don’t want to sell?

It is a good strategy in certain circumstances.