Great idea.

I was not able to buy a duplex, triplex, or quadruplex since the mortgage would've been more expensive, but it was my first idea. 

This site can give you an idea of every apartment complex in the area and then some sleuthing would be necessary to identify owner and outreach.

I think fixing it up and keeping it would be the best idea.

Looking for Architect/Builder experienced turning older 4000 square ft home into Apartment and/or ideas from people who have done this before.

I discussed the idea of an LLC with a local banker and he indicated setting one up especially at this stage was something I could easily do so I submitted my application with the state already.

For LTR in my experience there is a passionate minority of people who will be very uncomfortable with it due to personal beliefs, but the majority will not mind so long as you word it properly...

So the steps I recommend to do this would be to talk to a few lenders first, get an idea of what their process is and see who you enjoy working with, look for your investment properties, and get back to the lenders so they can appraise and approve/disapprove the loan.

Have an idea of the limits you want quoted     - Building - cost to rebuild    - Contents: do you have any business property there (appliances that are not built-in,         maintenance equiptment, furnishings in common areas) - what is the cost to replace them    - Business Income:  What is the total rents minus the costs that don't continue    - Liability:  What limit are you looking for2.

I am intrigued by the idea of potentially house hacking a duplex or quad somewhere in Austin and turning my current primary residence into a rental, knowing that it wouldn't be a cash flow play, but more of an appreciation play.