I believe PM is very important as this is " out of state"so I want to build trust and have a long term relationship. 

The owner is open to some form of owner financing I believe.

Against popular believe you wont have to fight them, if they are objectivley off.

What is the benchmark for  cash flow which i believe is all income - expenses including the payment towards your principal in the mortgage ?

Last year I believe we had 59% renters.

I believe (but do not know for sure) that no title company will insure a tax deed in any state without a quite title action. 

It is very difficult for entry level buyers to find affordable housing in Austin.The Austin market is quickly turning into a speculative market that I believe still has a year or two to go before the hammer comes down.  

They tend to love new buyers that are not as experienced because they can manipulate them into believing things are a certain way to pay a certain price for a property.Sellers know when I go into a deal with my clients that we are fair but will not take BS from a seller or listen to excuses from a listing broker.

If this property is in your state (California), to be legally considered abandoned, you must reasonably believes that the tenant has abandoned the property AND the rent on the property must be due and unpaid for at least 14 consecutive days. 

I believe the local cap rate is around 8%-10% for this type of property.